Management Bug: Lack of Product Strategy

A MngtBug is a problem, cause or impact in a human manager’s decision which produces an incorrect or unexpected result. Every other week we share a little bit of our knowledge base on social media and our newsletter.

This week’s MngtBug is…

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Description

This week’s “Lack of Product Strategy” is a common problem specially on start-ups.

By definition, a Product Strategy is a system of achievable goals and visions that work together to align the team around desirable outcomes for both the business and customers.

(Extracted and adapted from https://medium.com/@melissaperri/what-is-good-product-strategy-8d5587cb7429)

Product strategy is about imagining the future of your product: What product will it become? Who will it benefit? How will it create value? It’s a high-level plan that helps you realize your vision or overarching goal. More specifically, the product strategy should describe who the product is for and why people would want to buy and to use it; what the product is and why it stands out; and what the business goals are and why it is worthwhile for your company to invest in it, as the following picture shows.