At its most basic level, a strategy is a hypothesis. To be a good strategy, it must accurately diagnose the problem being solved, establish a guiding policy that addresses that problem and propose a set of coherent actions to achieve that policy. Organizations are supposed to select the directions in which they will move. Strategic management has three main elements, including strategic analysis, strategic choice, and strategy implementation.
These elements of product strategy, which are used early in customer interactions, will guide both your conversations with leaders and your own decision-making as you begin to develop a coherent and practical product plan. My framework is loosely based on a theory of corporate strategy developed by Tregoe and Zimmerman called “the driving forces”, which states that the driving force is the main reason for the existence of a company, since it sets the direction of all efforts and influences all the decisions of the organization. A product strategy is important to guide the direction of ideas and the development of new products, establishing a clear and unified vision. This is the third main element of strategic management that has to do with the translation of strategy into actions.
The three elements of strategic management are interconnected in the sense that, in order to select a strategic option, an analysis of the options must be carried out to determine the strategy that will be effective and efficient for the organization. Using the strategic elements of the needs, capabilities, and reputation of the product development market, you can begin designing a powerful and effective strategy, generating the ideas needed to strengthen your product offering and, later, the business as a whole. Use this product strategy framework, which includes just three key elements, to streamline and focus your next product experience. These experiences led me to develop a framework, comprised of three driving forces, that will help guide any product strategy.