Tell us about a time you prepared a business case, the effort you invested, the data you used, and the final outcomes?
Question Analysis
This question is a behavioral interview question that aims to assess your ability to prepare a business case, including your analytical skills, the ability to gather and interpret data, and your project management skills. The interviewer is interested in understanding:
- The Situation: What was the context or problem that required a business case?
- The Task: What was your role in preparing the business case?
- The Action: What specific steps did you take to prepare the business case, including the data you used?
- The Result: What were the outcomes of your efforts, both in terms of the business case and its impact on the organization?
Answer
Situation:
In my previous role as a Product Manager at XYZ Corp, we noticed a decline in market share for one of our key products. This prompted the need to explore the viability of launching an enhanced version of the product to recapture our market position.
Task:
I was tasked with preparing a comprehensive business case to justify the proposed product enhancement. This involved evaluating market demand, financial projections, and potential risks.
Action:
- Data Gathering: I conducted market research to analyze consumer trends and competitor offerings. This included surveys, focus groups, and reviewing industry reports.
- Financial Analysis: I collaborated with the finance team to forecast revenue, costs, and profitability. We used historical sales data and scenario analysis to project financial outcomes.
- Risk Assessment: Identified potential risks such as supply chain disruptions and regulatory challenges, and developed mitigation strategies.
- Presentation: Compiled all findings into a detailed business case document and presented it to the senior management team for approval.
Result:
The business case was well-received, and the project was approved. The enhanced product was launched six months later, leading to a 15% increase in market share within the first year and significant improvement in customer satisfaction. This success also enhanced our brand reputation and opened up new market opportunities.
By using the STAR method, I effectively communicated my experience in preparing a business case, showcasing my analytical skills and ability to drive strategic initiatives.