Product/Market Review (PMR) Questionnaire

Owned by Duncan Strong
Sept 28, 2023
3 min read

 

The objective of the Product/Market Review (PMR) is to get better products to the market faster by standardizing and streamlining the initial stages of the Product Management process in a way that is:

  • lightweight

  •  transparent

  •  predictable

  • market-driven

 

SHORT FORM QUESTIONNAIRE

 

  1. What is the market problem?

  2. What is the market opportunity?

  3. How is the problem being solved today?

  4. If we solve this problem, how will it support our existing distinctive competencies or strategy? 

  5. If we solve this problem, what headline do you imagine would appear in a newspaper or magazine to announce its arrival in the market? 

  6. What are our existing business advantages with regards to solving this problem? What advantages will be gained?

  7. What are the barriers to entry to solving this problem?

  8. What are the top 3 downside risks associated with solving this problem?

  9. What are the top 3 upside risks associated with NOT solving this problem? 

  10. What is our preferred exit strategy for this opportunity?

LONG FORM QUESTIONNAIRE

 

  1. What is the market problem?

    1. Hint: A market problem is stated in terms of needs (deprivation/pain), wants (things that must be true) and demands (buying power). Market problems can be consumer problems (unmet market needs), product problems (unmet product requirements) or technical problems (challenges in applied science). A market problem is always connected to a target market.

    2. Example: A market problem exists where people who commute daily from the Gold Coast to Brisbane are unhappy that they cannot work wirelessly on the train, they want to get something done using their laptop during the commute, and the 50,000 consumers that make this trip each day would gladly pay $5/day to have that come true.

  2. What is the market opportunity?

    1. Hint: A market opportunity is stated in terms of the upside that can be expected defined in terms of volume, duration and overall earning potential if the market problem is solved. 

  3. How is the problem being solved today? Include competitors and substitutes.

    1. Hint: Competitors exist if it is a product problem, whereas substitutes are the approaches being taken today to solve market and technical problems.

  4. If we solve this problem, how will it support our existing distinctive competencies or strategy? (at a company level). Or – what new distinctive competency will be gained?

    1. Hint: The intent here is to link this market opportunity to the big picture of our company, but not by way of platitudes linking it to the vision or mission, rather by way of showing how it creates and supports the one or two things we do as a company that no-one else can do.

  5. If we solve this problem, what headline do you imagine would appear in a newspaper or magazine to announce its arrival in the market? Which newspaper or magazine would be most likely to run the story?

    1. Hint: The idea here is to really stop and think “What’s new here? Who cares?” and then to distil that thinking into 10 words or less, followed by a succinct description of the audience that would find that description interesting.

  6. What are our existing business advantages with regards to solving this problem? What advantages will be gained?

    1. Hint: Business advantages are either existing (an edge or position we have that makes us the “natural owner” of this opportunity, such as access to resources or unique capabilities), gained (an advantage we seek that this opportunity will deliver) or intrinsic (built into the product).

  7. What are the barriers to entry to solving this problem?

    1. Hint: Some barriers will be marketplace (that is, everyone will find them problematic). Some barriers will be advantageous (that is, we may have a unique advantage in overcoming, erecting and maintaining them). Try to include both types of barrier to ensure rigorous examination - barriers to entry are a significant driver of sustainable competitive advantage.

  8. What are the top 3 downside risks associated with solving this problem? Provide mitigation and contingency options for each risk.

    1. Hint: This is what we risk going wrong if we go pursue this opportunity. Try to be commercial in describing the risk.

  9. What are the top 3 upside risks associated with NOT solving this problem? Provide mitigation and contingency options for each risk.

    1. Hint: This is what we risk missing out on if we sit on our hands and play it safe. Try to be commercial in describing the risk.

  10. What is our preferred exit strategy for this opportunity?

    1. Hint:  Every story has a beginning, a middle and an end. How does this story end? Options include: trade sale, merger, spin-off, IPO, write-off/shutdown.