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What Is Product Strategy? - Examples & Definition

  • 0:05 Product Strategy Definition
  • 0:42 Elements & Examples of…
  • 2:11 Lesson Summary
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Lesson Transcript
Instructor: James Carnrite

A marketing, communications, and supply chain professional who has a masters degree in IT Mangement. Has been working with young professionals to develop their leadership styles.

A product strategy is the foundation of a product life-cycle and the execution plan for further development. The product strategy allows the business to zero in on specific target audiences and draw focus on the product and consumer attributes.

Product Strategy Definition

Product strategy is often called the roadmap of a product and outlines the end-to-end vision of the product and what the product will become. Companies utilize the product strategy in strategic planning and marketing to identify the direction of the company's activities.

The Product Strategy Flow Chart

The product strategy is composed of a variety of sequential processes to effectively achieve the vision. The company must know where they would like the product to take them in order to identify and plan for the necessary activities to reach that destination. This is similar in nature to a strategic vision of how a company wants to achieve its goals.

Elements & Examples of Product Strategy

The product strategy is comprised of some key elements which provide strategic answers in the development of the product and to the consumers.

Product or Service

What exactly are you seeking to sell to potential customers? How will they view the product or service in the marketplace and in relationship to other available products? What makes your product stand out from the others?

Let's use an example of a flooring company. The flooring company is selling superior quality carpet, hardwood, and tile floors for both residential and commercial purposes.

Customer Value

What facets of the unmet desire of the customer does your product or service solve?

A flooring company cannot be everything to everyone, so it is important for them to identify specifics in which they can relate to customers and provide benefit. Perhaps they are not the best vendor for cork flooring, but they do offer unique tile, which can be a position they utilize for that market segment.

Flooring Company Targets Specific Customers

Price

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