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What Is Product Strategy? - Examples, Definition & Quiz

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Instructor: James Carnrite

A marketing, communications, and supply chain professional who has a masters degree in IT Mangement. Has been working with young professionals to develop their leadership styles.

A product strategy is the foundation of a product life-cycle and the execution plan for further development. The product strategy allows the business to zero in on specific target audiences and draw focus on the product and consumer attributes.

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Definition

Product strategy is defined as the roadmap of a product. This roadmap outlines the end to end vision of the product and what the product will become. Companies utilize the product strategy in strategic planning and marketing to identify the direction of the company's activities.

The Product Strategy Flow Chart

The roadmap for the product in the product strategy is composed of a variety of sequential processes to effectively achieve the vision. The company must know where they would like the product to take them in order to identify and plan for the necessary activities to reach that destination. This product strategy is similar in nature to a strategic vision of how a company wants to achieve its goals.

Elements and Examples of Product Strategy

The product strategy is comprised of some key elements which provide strategic answers to the development of the product and the roadmap to the customers.

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