Scenario Overview
The scenario involves a CEO who, while taking the elevator to their penthouse office, listens to three individuals each presenting a pitch for a different new product. All three proposed projects appear promising.
Decision on Project Selection
Consideration of various ideas is essential to successful business development. Although all three of the projects in the elevator seem rational, I would focus on the one project that provides the most benefit to the company. Focusing resources on a particular initiative would ensure the organization has the necessary resources to develop and implement a new product. In addition, working on multiple products can result in quality issues or problems related to development and sales. Thus, considering a single project, which is the most appropriate for the company, represents the optimal option.
It is vital to consider various factors involving the potential market size, demand for each product, and the resources required to develop and launch each product. For example, one product may require significant investment and a team with specific technical skills. In this instance, a company may need to assess whether it has the resources and expertise to implement that idea effectively (Bland & Osterwalder, 2019). If another idea is aimed at a niche market, the company must determine the potential return on investment and align it with our broader strategic goals. Therefore, in this case, it is crucial to objectively evaluate all three projects and focus on the one that interests the company most.
Prioritization Before Board Presentation
After evaluating each idea and determining which should be implemented, it is crucial to present the most promising idea to the Board of Directors. The order in which I offer the ideas will depend on their potential for success, market demand, and alignment with the organization’s long-term goals. Providing a well-considered and prioritized set of new products will allow the company to utilize resources efficiently and ensure that its initiatives are implemented in a manner that will benefit the business. Overall, applying an assessment that focuses on the organization’s primary goals enables the selection of the optimal project.
Reference
Bland, D. J., & Osterwalder, A. (2019). Testing business ideas. Wiley.