How would you develop a business case for your product and defend it in front of the Investment Review Board?

This question seeks to examine your ability to develop a solid, defendable business case for a product, and the skills to effectively present and defend it in front of an Investment Review Board. A business case usually includes an introduction, market analysis, financial projection, risk assessment, and the potential benefits the product will bring. The following points could be helpful in answering this question:

• Understanding the product and its benefits: Show in-depth knowledge of your product, including its unique features.
• Market analysis: Research about market demand, customer needs, and potential competitors.
• Financial projections: You need to provide a detailed financial plan that includes cost estimates, revenue forecasts, and profit margins.
• Risk analysis: Identify potential risks and outline your mitigation strategies.
• Marketing strategy: Explain how you plan to acquire customers and retain them.

When developing a business case for a product, my first step is always research. I begin by understanding the problem the product is trying to solve, the market demand for such a solution, and any potential competitors. This allows me to understand the product's unique proposition.

Next, I delve into cost projections, estimating production costs, sales and marketing costs, and other expenses. Then I project potential revenue based on market size, pricing strategies, and sales volume. With this data, I can make a reasonable forecast of profit margins and return on investment.

An integral part of the business case is risk analysis. I identify potential risks, such as market changes, regulatory changes, or manufacturing delays, and develop strategies to mitigate them.

Finally, I design a marketing strategy that details how we plan to attract and retain customers. This includes all the channels we will use to reach our target market and any loyalty program we intend to implement.

In front of the Investment Review Board, I would defend the business case by presenting the research, projections, risk assessment, and marketing strategy. I would use data and realistic assumptions to back my points and be prepared to answer any questions the board might have.

To develop a business case for a product, I consider the broader picture - the market, the customer, the competition, operational and production costs, and the potential for profit.

For example, for a hypothetical product, I would first identify the target market and consumer needs that the product addresses. I would conduct a SWOT analysis to understand the strengths, weaknesses, opportunities, and threats.

Next, I would perform detailed financial analysis, beginning with the cost breakdown - the production cost, operational cost, marketing cost, and any additional expenses. I would then use market size, growth rate, and share to predict the annual revenue.

After identifying potential risks like any regulatory changes, raw material shortages, I would demonstrate strategies for mitigation.

The marketing strategy would list all the potential methods of reaching out to the target demographic, from digital advertising to collaborations and partnerships.

In front of the Investment Review Board, I would present a comprehensive, fact-based defense of my business case. Of course, I would anticipate queries about the product or the financial predictions and prepare appropriate responses, backed by data and well-reasoned analysis."