The product strategy document is used to provide the product manager with direction so they can guide their product team and manage an organisation over the planning period. Strategies also help product managers communicate the products’ value to cross-functional teams and key stakeholders, who want to know how products will achieve high-level organisational objectives.
Product strategy is the foundation of a product lifecycle, and its execution plan for further development, as the product strategy is developed, product leaders target audiences and define key product and customer attributes.
It is not a fixed document that is created for a new product; it changes as a product grows and matures, which is known as the Product Life Cycle and has four stages:
- Introduction
- Growth
- Maturity
- Decline
As the product progresses through the stages, it is associated with changes in the marketing situation and impacts on the marketing strategy and marketing mix.