ll great products start with a clear strategy that is customer and market-driven. Your strategy defines the direction of your product and what you want to achieve. Establishing this first aligns the organization and keeps everyone focused on the work that matters the most. It tells the team where the product is headed and what needs to be done to get there.The main purpose of a strategy is to align executives and other key stakeholders around how the product will achieve the high-level business objectives. It also provides the product manager with a clear direction to guide the team through implementation and to communicate the value of the product to cross-functional teams, such as sales, marketing, and support.A product strategy is the foundation for the entire product lifecycle. As product leaders develop and adjust their product strategy, they zero in on target audiences and define the key product and customer attributes necessary to achieve success.
It helps decide the exact steps to be taken in any event to make the product a success.It prepares the company for response by competitors or towards changing market conditions.It helps the company decide the target market and in market penetration.A product vision is formed thereby setting the product on an independent path with a time to time intervention allowing the company to focus on multiple products in a short time.