Improve the current iteration of Snapchat to compete with the likes of Instagram and TikTok.

Thank you for providing such a comprehensive framework for addressing this product strategy question. I'll do my best to provide a detailed, strategic answer that demonstrates deep product thinking and leadership within the given time frame. I'll use a first-person perspective as if I'm directly addressing the interviewer.

Introduction

The strategic problem at hand is to improve the current iteration of Snapchat to compete effectively with Instagram and TikTok. This challenge is crucial for Snapchat's continued growth and market relevance in the highly competitive social media landscape.

Our key business objectives for this product strategy will be:

1. Increase user engagement and retention
2. Expand our user base, particularly in demographics where we're underperforming
3. Enhance our competitive position against Instagram and TikTok
4. Drive revenue growth through innovative features and monetization strategies

In addressing this challenge, I'll follow these strategic steps:

1. Clarify our strategic goals
2. Conduct a market and competitive analysis
3. Define our product vision and roadmap
4. Prioritize strategic initiatives
5. Develop an execution plan and allocate resources
6. Establish metrics and KPIs
7. Implement risk management and contingency planning

Step 1

Clarify the Strategic Goals (3-4 minutes)

To ensure our strategy is well-aligned with Snapchat's objectives, I'd like to clarify a few key points:

• Primary Objective: Is Snapchat primarily focused on user growth, increasing engagement, or monetization at this stage?

• Why this matters: The primary objective will guide our strategic decisions and resource allocation.
• Hypothetical answer: Let's assume the focus is on increasing user engagement while driving monetization.
• Impact: This would lead us to prioritize features that keep users on the platform longer and create new revenue streams.

• Product Lifecycle Stage: Where does Snapchat currently sit in its product lifecycle?

• Why this matters: Different stages require different strategies (e.g., growth vs. maturity).
• Hypothetical answer: Snapchat is in the maturity stage but seeking renewed growth.
• Impact: We'll need to focus on innovation and differentiation to reignite growth.

• Customer Segments: Which user segments are we most concerned with retaining or acquiring?

• Why this matters: Different segments have different needs and preferences.
• Hypothetical answer: We're looking to retain our core young adult users while expanding to older demographics.
• Impact: We'll need to balance features that appeal to our existing base while making the platform more accessible to new users.

• Market Context: What are the key market trends or changes affecting Snapchat's position?

• Why this matters: External factors can significantly impact our strategy.
• Hypothetical answer: Short-form video content and augmented reality are becoming increasingly important.
• Impact: We'll need to double down on these areas to remain competitive.

• Resource Constraints: Are there any significant limitations in terms of budget, team size, or technical capabilities?

• Why this matters: This affects what we can realistically achieve in our strategy.
• Hypothetical answer: We have a strong engineering team but are constrained by budget.
• Impact: We'll need to be selective in our initiatives and focus on high-impact, cost-effective solutions.

Based on these assumptions, I'll proceed with my analysis focusing on increasing user engagement and monetization, with a particular emphasis on retaining young adults while expanding to new demographics, leveraging short-form video and AR technologies.