You are a Product Manager of CANON (camera manufacturing company), You see your market share decreasing year on year due to higher Mobile phone penetration. How would you increase the revenue and market share of the company?

Thank you for providing such a comprehensive framework for addressing this product strategy challenge. I'll structure my response according to your guidelines, focusing on demonstrating deep product thinking and leadership. Let's begin with the strategic problem at hand.

Introduction

As Canon's Product Manager, we're facing a critical challenge: our market share is decreasing year-over-year due to higher mobile phone penetration. Our primary objective is to reverse this trend by increasing both revenue and market share. To address this, I'll outline a strategic approach that leverages Canon's strengths while adapting to changing market dynamics.

Here's the agenda for my response:

1. Clarify strategic goals
2. Conduct market and competitive analysis
3. Define product vision and roadmap
4. Prioritize strategic initiatives
5. Develop execution plan and resource allocation
6. Establish metrics and KPIs
7. Implement risk management and contingency planning
8. Summarize and outline next steps

Step 1

Clarify the Strategic Goals (3-4 minutes)

• Based on the market dynamics, I'm sensing that our DSLR and mirrorless camera lines might be in the maturity or even decline phase of their product lifecycle. Could you confirm where we are in the product lifecycle for our core camera products and how that aligns with Canon's current priorities?

Why it matters: This determines whether we focus on innovation, market expansion, or potentially pivoting our product strategy. Expected answer: Mature market for traditional cameras, looking to innovate and expand into new segments. Impact on approach: Would focus on disruptive innovation and exploring adjacent markets while optimizing current product lines.

• Given the rise of mobile photography, I'm curious about our current customer segmentation. Are we still primarily targeting professional and prosumer photographers, or have we identified new potential customer segments?

Why it matters: Helps us understand if we need to shift our target audience or create new value propositions for existing segments. Expected answer: Mix of professional, prosumer, and growing interest in new segments like content creators and social media influencers. Impact on approach: Would tailor product development and marketing strategies to address the needs of both traditional and emerging customer segments.

• Considering Canon's strong brand in imaging, how open is the company to exploring adjacent markets or potentially disruptive technologies that might cannibalize some of our traditional camera sales?

Why it matters: Determines the scope of our innovation strategy and how aggressively we can pursue new opportunities. Expected answer: Open to innovation but cautious about protecting core business; looking for balanced approach. Impact on approach: Would focus on developing a portfolio of products that includes both traditional cameras and new imaging technologies, with a clear strategy for managing potential cannibalization.

Based on these assumptions, our strategic approach will focus on:

1. Innovating within our core camera business to maintain our professional and prosumer base
2. Expanding into adjacent markets and technologies to capture new customer segments
3. Developing a balanced portfolio that leverages Canon's brand strength while adapting to changing consumer behaviors