Who needs product strategy?
"The biggest mistake Apple made in the years after I was ousted was making its first priority profits, not products." Steve Jobs.
Do customers clearly prefer your products over those of the competition?Can customers recognize your products just from their look & feel?
Do you have a long-range program for characterization and development of new products?
If your answer was “no” to any of these questions, you probably do not have a product strategy.
Any company that aspires to grow and develop through innovation and outstanding products needs product strategy to analyze, characterize, and create ideas and concepts for the company’s products as an integral part of its business strategy. Any company that realizes that its brands and products are their most valuable assets and must be wisely and systematically managed with an eye to the long term needs product strategy. Any company that understands that developing products is an expensive process that must be managed comprehensibly in keeping with company policies, rather than as stand-along products, needs product strategy.