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 |
