Points on Strategy

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.

ItemQuestionsAction (Y/N)
1.1DefinitionProduct Definition
1.2Value PropositionUnique (hopefully) Value Proposition
1.3Mission and VisionOur Vision and Product Mission
1.4PositioningMarket Dimension that Determine Product Positioning

Product Values within these Dimensions

1.5PricingDetermining the right price
1.6Business ModelProduct Business Model – The way we engage with customers to monetize value
1.7Competitive AnalysisIndustry Competitive level (Porter Model)

Specific  Competitors

1.8SegmentationMarket Dimension

Focus on these dimensions

1.9Business CaseExpected Revenues and Costs Over Time

Long term and Short term

 

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