Tell us about a time when you prepared a business case? How'd you get started? What was the final outcome?
Question Analysis
This behavioral question is asking you to describe a specific instance where you prepared a business case. The interviewer is interested in understanding your approach to initiating and developing a business case, as well as the results of your efforts. The focus here is on your ability to strategically plan, analyze, and communicate effectively. You should use the STAR method (Situation, Task, Action, Result) to structure your response, ensuring that you cover all aspects of the question.
Answer
Situation: At my previous job as a product manager at XYZ Corp, we identified an opportunity to expand into a new market segment with our existing product line.
Task: I was tasked with preparing a business case to present to the executive leadership team to secure approval and funding for this market expansion initiative.
Action:
- Research: I began by conducting thorough market research to understand customer needs, competitive landscape, and potential revenue opportunities.
- Stakeholder Engagement: I collaborated with key stakeholders from sales, marketing, and finance to gather insights and validate assumptions.
- Financial Analysis: I developed a financial model to project potential costs, revenues, and ROI.
- Documentation: I compiled all findings into a comprehensive business case document, highlighting strategic alignment, market potential, financial forecasts, and risk analysis.
- Presentation: Finally, I presented the business case to the executive team, addressing their questions and concerns.
Result: The business case was approved, leading to a successful expansion that increased market share by 15% within the first year. This initiative contributed significantly to the company's annual revenue growth and reinforced our competitive position in the new market segment.