What should entail your product strategy
If your product vision is the long-term outcome you hope to deliver, then your product strategy defines how you will get there. The product strategy acts as a link between your roadmap and your product vision.
The product strategy is composed of a variety of sequential processes to effectively achieve a vision. You must know where you would like to take the product in order to identify a plan for the necessary activities to reach that destination.
The product strategy is comprised of some key elements which provide strategic answers in the development of the product and to the consumers. These includes:
Target market or audience
Your target market is the demographic you feel will be most interested in purchasing a product. Some of the subcategories used to identify a target market includes gender, age, occupation, location, etc. You can establish a target market by conducting market surveys with tests subjects that fit into many potential demographic groups.
Your competition figures into many elements of your product strategy. One element that will guide product advertising is differentiating your product from the competitors' s. Determine what your product offers that the competition does not and use that information in your advertising and marketing materials. It is easier to focus on one or two significant differences.
For your product strategy to be successful, it should be flexible and adaptable. Flexible suggesting it has the attributes to shape itself to the evolving context and environment.. Develop a product strategy that is timeless or that can adopt inevitable changes. Adaptable suggests that the strategy can change when new insights or feedback is received.
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