Check out our FREE Resources page – Download complimentary business frameworks, PowerPoint templates, whitepapers, and more.

We have categorized 29 documents as Product Strategy. There are 20 documents listed on this page.

As legendary businessman and founder of Intel, Andrew Grove, once observed, "Technology happens, it's not good, it's not bad. Is steel good or bad?" This powerful statement underscores the imperative need for robust Product Strategy in our ever-evolving, technology-driven business landscape.

Did you know?
The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.

38-slide PowerPoint, Excel template
$49.00

  Open all 20 documents in separate browser tabs.
  Add all 20 documents to your shopping cart.


Trusted by over 10,000+ Client Organizations
Since 2012, we have provided best practices to over 10,000 businesses and organizations of all sizes, from startups and small businesses to the Fortune 100, in over 130 countries.
AT&T GE Cisco Intel IBM Coke Dell Toyota HP Nike Samsung Microsoft Astrazeneca JP Morgan KPMG Walgreens Walmart 3M Kaiser Oracle SAP Google E&Y Volvo Bosch Merck Fedex Shell Amgen Eli Lilly Roche AIG Abbott Amazon PwC T-Mobile Broadcom Bayer Pearson Titleist ConEd Pfizer NTT Data Schwab




Read Customer Testimonials

  •  
    "Last Sunday morning, I was diligently working on an important presentation for a client and found myself in need of additional content and suitable templates for various types of graphics. Flevy.com proved to be a treasure trove for both content and design at a reasonable price, considering the time I "

    – M. E., Chief Commercial Officer, International Logistics Service Provider
  •  
    "FlevyPro provides business frameworks from many of the global giants in management consulting that allow you to provide best in class solutions for your clients."

    – David Harris, Managing Director at Futures Strategy
  •  
    "[Flevy] produces some great work that has been/continues to be of immense help not only to myself, but as I seek to provide professional services to my clients, it give me a large "tool box" of resources that are critical to provide them with the quality of service and outcomes they are expecting."

    – Royston Knowles, Executive with 50+ Years of Board Level Experience
  •  
    "I am extremely grateful for the proactiveness and eagerness to help and I would gladly recommend the Flevy team if you are looking for data and toolkits to help you work through business solutions."

    – Trevor Booth, Partner, Fast Forward Consulting
  •  
    "I like your product. I'm frequently designing PowerPoint presentations for my company and your product has given me so many great ideas on the use of charts, layouts, tools, and frameworks. I really think the templates are a valuable asset to the job."

    – Roberto Fuentes Martinez, Senior Executive Director at Technology Transformation Advisory
  •  
    "As a young consulting firm, requests for input from clients vary and it's sometimes impossible to provide expert solutions across a broad spectrum of requirements. That was before I discovered Flevy.com.

    Through subscription to this invaluable site of a plethora of topics that are key and crucial to consulting, I "

    – Nishi Singh, Strategist and MD at NSP Consultants
  •  
    "If you are looking for great resources to save time with your business presentations, Flevy is truly a value-added resource. Flevy has done all the work for you and we will continue to utilize Flevy as a source to extract up-to-date information and data for our virtual and onsite presentations!"

    – Debbi Saffo, President at The NiKhar Group
  •  
    "Flevy.com has proven to be an invaluable resource library to our Independent Management Consultancy, supporting and enabling us to better serve our enterprise clients.

    The value derived from our [FlevyPro] subscription in terms of the business it has helped to gain far exceeds the investment made, making a subscription a no-brainer for any growing consultancy – or in-house strategy team."

    – Dean Carlton, Chief Transformation Officer, Global Village Transformations Pty Ltd.



Flevy Management Insights: Product Strategy

As legendary businessman and founder of Intel, Andrew Grove, once observed, "Technology happens, it's not good, it's not bad. Is steel good or bad?" This powerful statement underscores the imperative need for robust Product Strategy in our ever-evolving, technology-driven business landscape.

For effective implementation, take a look at these Product Strategy best practices:

The Imperative for a Robust Product Strategy

A strong Product Strategy functions as the DNA of a successful enterprise, defining the direction and framework for all development activities. According to McKinsey & Company, companies that strategically manage their product portfolios witness a 15% increase in value, showcasing the vital importance of a Product Strategy. Management must note, however, that the essence of Product Strategy transcends mere product development; it filters into every operational facet—market orientation, competitive positioning, and risk management. Awestruck by rapid digitalization and omnipresent competitive threat, organizations that fail to embrace a dynamic, proactive Product Strategy often wrestle with disruptive innovation and business instability.

Explore related management topics: Risk Management Product Development

Key Principles for Creating Your Product Strategy

Implementing a successful Product Strategy requires adherence to these guiding principles:

  • Craft a Clear Vision: A clear vision for the future of your product guides investment decisions, market orientation, and customer engagement. It serves as a guiding beacon for all stakeholders.
  • Understand Your Customer: Product Strategy must hive deep insights into customer needs, behaviors, and expectations. Gartner finds that 89% of companies compete primarily on the basis of customer experience.
  • Identify and Evaluate Competitors: A comprehensive understanding of competitive pressures and positioning underpins effective strategic planning. This prepares organizations for both defensive and offensive maneuvers.
  • Appeal to Stakeholder Interests: A Product Strategy that addresses key stakeholder interests (employees, shareholders, or suppliers) quells opposition and bolsters backing for the strategic initiative.

Explore related management topics: Customer Experience Strategic Planning

Best Practices in Product Strategy Development

The development of an effective Product Strategy requires engagement at several layers. Eminent business leaders and scholars herald the following practices:

  1. Iterative development: The concept of iterative development, drawn from agile methodologies, supports ongoing improvement. Deloitte research shows that businesses that employ iterative methodologies are 60% more responsive to market changes.
  2. Engage Cross-functional Teams: Encouraging participation from across functional areas fosters broader business perspective and buy-in, driving innovation and operational excellence.
  3. Use Data-Driven Insights: Data-driven decision making aligns strategy with objective measures, enhancing Strategy Development and Risk Management.
  4. Explore New Market Opportunities: Exploring unmet needs in existing markets or venturing into new markets can spur growth and improve your competitive positioning.

Explore related management topics: Operational Excellence Strategy Development Decision Making Agile

Driving Business Transformation through Effective Product Strategy

The need for businesses to continually reinvent their product offerings underscores the critical importance of a robust Product Strategy. A strategic approach to product management creates tangible differentiation, bolstering customer loyalty and driving Business Transformation.

Through iterative design, cross-functional participation, and data-driven insights, businesses can align their Product Strategy with their broader corporate strategy, shaping operational processes and driving innovation. To create a compelling Product Strategy, Business leaders should adhere to the guiding principles of crafting a clear vision, understanding the customer, identifying and evaluating competitors, and addressing stakeholder interests, all while applying best practices in iterative development, cross-functional engagement, data-driven decision-making, and new market exploration.

As companies grapple with the complexities of digital transformation and intense market competition, a sound Product Strategy becomes the lynchpin for survival and success. In an era where technology reigns supreme, the thoughtful application of strategic product methodologies has become a necessity, not a luxury. After all, technology happens—it is neither good nor bad. It merely reflects the strategies we adopt.

Explore related management topics: Digital Transformation Business Transformation Corporate Strategy Customer Loyalty Product Management Best Practices

Product Strategy FAQs

Here are our top-ranked questions that relate to Product Strategy.

How is the rise of AI and machine learning reshaping product strategy development and execution?
The rise of AI and ML is transforming Product Strategy Development and Execution by enhancing Strategic Planning, Innovation, Operational Excellence, and Performance Management, leading to increased agility, efficiency, and customer centricity. [Read full explanation]
How is the rise of decentralized finance (DeFi) impacting product strategy in the financial services industry?
The rise of DeFi is compelling financial services to innovate product strategies, focusing on Digital Transformation, Regulatory Compliance, and enhancing Customer Experience, while fostering Strategic Partnerships for ecosystem integration. [Read full explanation]
In what ways can companies leverage customer feedback and engagement to refine their product strategy?
Companies can refine their Product Strategy by integrating Customer Feedback into product development, enhancing Customer Experience through feedback analysis, and leveraging insights for Continuous Improvement and Innovation, driving loyalty and growth. [Read full explanation]
What role does artificial intelligence play in shaping product strategy in today’s market?
Artificial Intelligence is pivotal in shaping product strategy by providing deep customer insights, streamlining development, driving Innovation, and optimizing marketing and sales, positioning companies for success in today's market. [Read full explanation]

Related Case Studies

Agrochemical Product Differentiation Strategy for Specialty Crops

Scenario: The company is a mid-size agrochemical firm specializing in products for specialty crops.

Read Full Case Study

Maritime Safety Compliance Strategy for Shipping Corporations

Scenario: The organization is a mid-sized shipping corporation operating within the maritime industry, facing increasing regulatory pressures for environmental compliance and safety.

Read Full Case Study

AgriTech Smart Farming Product Strategy Initiative

Scenario: The organization, a player in the AgriTech sector, specializes in smart farming solutions, integrating IoT devices and AI-driven analytics for precision agriculture.

Read Full Case Study

Smart Home Device Market Penetration Strategy

Scenario: The company is a burgeoning electronics firm specializing in smart home devices.

Read Full Case Study

Product Strategy Revamp for Forestry & Paper Products Leader

Scenario: The company, a prominent player in the forestry and paper products industry, is grappling with declining market share amidst a landscape of increasing environmental concerns and shifting consumer preferences.

Read Full Case Study

Product Strategy Refinement for Defense Contractor in High-Tech Sector

Scenario: The organization in question is a mid-sized defense contractor specializing in advanced communication systems, grappling with the challenge of aligning its product offerings with the evolving needs of the defense industry.

Read Full Case Study

Explore all Flevy Management Case Studies




Flevy is the world's largest knowledge base of best practices.


Leverage the Experience of Experts.

Find documents of the same caliber as those used by top-tier consulting firms, like McKinsey, BCG, Bain, Deloitte, Accenture.

Download Immediately and Use.

Our PowerPoint presentations, Excel workbooks, and Word documents are completely customizable, including rebrandable.

Save Time, Effort, and Money.

Save yourself and your employees countless hours. Use that time to work on more value-added and fulfilling activities.



Download our FREE Strategy & Transformation Framework Templates

Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S, Balanced Scorecard, Disruptive Innovation, BCG Curve, and many more.