What is a Product Strategy What are the essential components of Product Strategy.

A high-level motivator that aids in carrying out the plans for the product is a product strategy. It is a comprehensive plan that may differ for a beginning and an existing business. A product strategy provides answers to certain basic but important issues, such as who the end users are, what their needs are, how the product benefits them, and how the product will improve over time. An established business concentrates on modifying the product features or developing a whole new product.

1. WHAT IS A PRODUCT
STRATEGY? WHAT ARE
THE ESSENTIAL
COMPONENTS OF
PRODUCT STRATEGY?

2. WHAT IS PRODUCT STRATEGY?
A product strategy is a high-level driving force
that helps in accomplishing the plans for the
product. It is a detailed plan that can be
different for a startup and a well-established
company. A product strategy answers some
fundamental but valuable questions such as
who are the end-users, what are their
requirements, how the product benefits them,
and the growth of the product in its
development.

3. WHY DO YOU NEED A PRODUCT STRATEGY?
Research the market for the
product: Market research helps you
assess the main trends to anticipate
how the market behaves.
Provides a clear path for product
development: A product strategy
gives a clear picture of the path of
product development and
encourages the team to work
efficiently.

4. Helps in taking calculative decisions: When we have a baseline for the
product, it becomes easier to take major decisions in product
development. An initial idea for the product does not remain consistent
at the end as it replaces the new ideas according to the customers’
needs.
Helps in prioritizing them: The decisions will be taken by the product
manager for the product. What if they have made decisions but don’t
know how to prioritize them?This is when a product strategy saves a
team to prioritize the decisions so that they have a clearer picture of
what they need to accomplish.

5. ESSENTIAL COMPONENTS
OF PRODUCT STRATEGY
Knowing your customers: When you want your
astounding business idea to transform into a reality,
you need to define your customers or the market
for it to be accepted.
Where to find your customers: Customer
acquisition needs to be an ongoing focus for most
businesses. It’s important to understand the
strengths and weaknesses of the target market for
the product.

6. How to reach them: Together with sales promotion, advertising, and personal selling,
the marketers need to create innovative content strategies as well as promote the
product through social media which turns out to be an effective tool to win the trust of
new customers.
Value of your product: Determining how your product can solve the problems of your
customers will increase the value of your product. By adding customer support or
offering premium features, will draw more attention of new customers towards the
product.
Knowing your competitors: Growing your business without knowing your competitors
is risky. Though researching your competitors is easier than it may seem. It can be done
by analyzing what they do better than you

7. Amazon: Amazon’s product strategy is entirely based on customer
needs. They work backward from the press release to the product.
This is the strategy that focuses on amazon’s internal process.
Spotify: Spotify breaks the forms of typical music streaming
platforms and instead offers listeners a new user experience.
IKEA Store: IKEA has a strategy to focus on affordable costs at a
consistent level of quality. Some of IKEA’s furniture is made from
wood and some from particleboard which keeps the product more
affordable.
Netflix: Netflix emphasizes margin growth. Their monthly retention is
the key criterion. Netflix stands as a strong brand that is easy to use
and provides personalization for viewers .
PRODUCT STRATEGY EXAMPLES

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