Product strategy

Product strategy defines the high-level plan for developing and marketing a product, how the product supports the business strategy and goals, and is brought to life through product roadmaps. A product strategy describes a vision of the future with this product, the ideal customer profile and market to serve, go-to-market and positioning (marketing), thematic areas of investment, and measures of success. A product strategy sets the direction for new product development. Companies utilize the product strategy in strategic planning and marketing to set the direction of the company's activities. The product strategy is composed of a variety of sequential processes in order for the vision to be effectively achieved. The strategy must be clear in terms of the target customer and market of the product in order to plan the roadmap needed to achieve strategic goals and give customers better value. Product strategy aims to provide context for what the product and business intends to achieve, the target customers and market, and the work to accomplish. Vision provides the big picture of what the company is trying to achieve. Without vision, it will be difficult for stakeholders to understand its direction and it will lack connection to a broader picture. Execution is defined by the product roadmap. While the product strategy outlines the elements of the product and the company's target market, the product roadmap explains how the vision will be executed Big picture context provides the background of each feature and how it relates to larger goals. It also include details in which certain features will be built, and in what order. Initiatives are the high-level efforts that help achieve goals. For example, performance improvements and expansion of markets. Design - What is the target product market? What design feature(s) will be added that makes it stand out from other companies? For example, attractive product design draws more customers towards the product.