Strategic Product Management - Element of Product Strategy

1. Strategic
Product
Management
Product Strategy
/PGDM/KIAMS/2021 A publication of
Dr. Rajesh K Satpathy

2. Product Strategy

3. Your product strategy is
the roadmap that's used
to develop your product
or feature.
It includes all of the tasks
that your team needs to
complete to achieve your
business goals.
What is Product Strategy?

4. In fact, 70% of businesses
refer to the product
strategy whenever they're
making major decisions.
So, it's important to
create a detailed and
thorough strategy to
ensure every task is
completed correctly and
on time.
What is Product Strategy?

5. Product Strategy

6. Market Vision.
The market vision describes who will
be using your product and what that
opportunity means for the business. It
highlights your target customers, how
you'll position your product, and how it'll
fare against other competitors in its
space.
Your market vision should also include a
go-to-market plan that explains your
customers' needs and how you'll deliver
a competitive offer.
Product Strategy Components…

7. Product Goals.
You as a Product Manager can't
create a product strategy without
key objectives. These are specific
goals or metrics that you'll achieve
as a result of building your product.
When goal-setting, it's important to
make your objectives time-based, so
there's urgency for when you'll
accomplish them.
Product Strategy Components…

8. Product Initiatives.
Product initiatives are similar to
product goals, but they're more
conceptual.
These are big-picture ideas or trends
that you'll influence as a result of
your new product.
Product Strategy Components…

9. Their way of thinking is what they like to call ‘10x
thinking’. In simple terms, they think about how they
can improve what they do by a factor of 10 times,
rather than by 10% like others. It challenges them to
think about everything they do in terms of
revolutionary change rather than evolutionary change.

10. Companies carefully plan the life of a
product from launch to
discontinuance.
Product managers tie each step of
product strategy to consumer
reaction to the product. If the
product sells well, they expand the
strategy to increase the product's
distribution. If the product fails to
meet sales projections, they
accelerate its discontinuance.
Elements of Product Strategy…
Top Mass-market Cars
Discontinued In 2020:
•Volkswagen Ameo.
•Tata Tiago/Tigor JTP.
•Honda CR-V.
•Honda Civic.
•Tata Safari Dicor.
•Toyota Etios Range.
•Toyota Corolla Altis.

11. Target Market.
Your target market is the demographic you feel will
be most interested in purchasing a product. Some
of the subcategories used to identify a target
market are age, gender, geographic location,
occupation, income and family situation such as
single or married with children.
You can establish a target market by using
historical data for similar products, conducting
market surveys with test subjects that fit into many
potential demographic groups and examining the
consumer tendencies of various groups.
Elements of Product Strategy…

12. Pricing.
The revenue generated from a
product strategy relies on an
accurate pricing element.
Product price consists of the cost
to manufacture, market and
distribute the product along with
the desired profit margin.
Profit margin can be a
percentage of the total selling
price or it can be a set amount.
Elements of Product Strategy…

13. Differentiation.
Your competition figures into many elements of
your product strategy. One element that will guide
product advertising is differentiating your product
from the competition.
Determine what your product offers that the
competition does not and use that information in
your advertising and marketing materials. It can be
easier to focus in on one or two significant
differences…
Elements of Product Strategy…

14. Schedule.
A product strategy has a beginning and an
ending.
Create the strategy timeline and develop
milestones for measuring the progress of
the campaign.
A schedule makes it easier to create
deadlines for items such as product
improvements, development of marketing
materials and reaching revenue projections.
Elements of Product Strategy…

15. Thank You !!