Points on Strategy

Practical Product Strategy should highlight the following steps

So what is Practical Product Strategy?

Strategy is a big word, huge… sometimes a little intimidating.

Think about it, what is your strategy?  Do you know what it means?

I’d like to think of strategy from a practical perspective – Practical Strategy!  Practical strategy is the guideline for the  Product Manager.

Strategy is the grand plan…  The Master Plan … the way you achieve your ultimate goals. To do that you have to know what is your ultimate goal – that is also part of the strategy.

If your product is a journey, the strategy the high level plan of where you want to go and how you want to get there.

So let’s break it down – I would like to think of strategy in terms of 9 items that define strategy.

From a practical perspective – we have 9 steps that build us into producing the Business Plan!

Please see the key items to consider below.

Item Questions Action (Y/N)
1.1 Definition Product Definition
1.2 Value Proposition Unique (hopefully) Value Proposition
1.3 Mission and Vision Our Vision and Product Mission
1.4 Positioning Market Dimension that Determine Product Positioning

Product Values within these Dimensions

1.5 Pricing Determining the right price
1.6 Business Model Product Business Model – The way we engage with customers to monetize value
1.7 Competitive Analysis Industry Competitive level (Porter Model)

Specific  Competitors

1.8 Segmentation Market Dimension

Focus on these dimensions

1.9 Business Case Expected Revenues and Costs Over Time

Long term and Short term