A product strategy is a top-level plan within a company that describes what the business wants to achieve with its product and how it plans to do it.
It should answer key questions such as:
- Who will the product serve (persons), what will be the benefit for these persons
- The company’s goals for the product during its life cycle.
A product strategy is an overarching plan that explains what your business wants to achieve with a product or feature. It includes how you plan to create the product, how it will affect buyers, and how it will help achieve your business goals.
A product strategy is a plan created by a company to define a product vision. And identify how that vision will be realized. It’s built with the product’s “big picture” in mind, helping companies justify why their product should exist and what the benefits are to users.
And last but not least, product strategy is a business plan that sets goals and objectives. For the company’s product development and marketing activities. The strategy should take into account the company’s strengths and weaknesses. The competitive environment, the needs and wants of target customers, and the company’s overall business strategy.