Long-Term Product Strategy

A Long-Term Product Strategy is a business strategy that focuses on the design, development, and positioning of a product to meet customer needs and drive market success.

• Context:
  • It can (typically) involve describing Target Customers and the needs to support.
  • It can (typically) include decisions about Product Features, Product Quality, Product Design, branding, and packaging.
  • It can (often) be created by a Product Strategy Creation Task.
  • It can (often) be recorded in a Product Strategy Document (possibly within a business plan).
  • It can (often) entail planning for product life cycle management, which includes product launch, growth, maturity, and decline phases.
  • It can (often) encompass market positioning, ensuring the product is perceived a certain way in comparison to competitors.
  • It can (often) involve collaboration between various departments such as product management, marketing, sales, and research and development.
  • It can include pricing strategy, which focuses on setting a price for the product that resonates with the target market.
  • It can be referenced by a Near-Term Product Plan.
  • ...
• Example(s):
  • A Tech Company Product Strategy (for a tech company) that focuses on creating cutting-edge technology products with high-end features and design.
  • A Food Manufacturer Product Strategy (for a food manufacturing company) that emphasizes using natural ingredients and sustainable packaging.
  • A Pharmaceutical Company Product Strategy (for a pharmaceutical company) to develop medications that address unmet medical needs.
  • ...
• Counter-Example(s):
  • A Sales Strategy, which is more focused on how the product is sold rather than its design and features.
  • A Marketing Strategy, which is more focused on creating awareness and positioning of the product in the market.
  • An IT Strategy, ...
  • A Supply Chain Strategy, which focuses on the logistics of procuring, manufacturing, and distributing the product.
  • ...
• See: Product Life Cycle, Market Research, Principal Product Manager, Product Development, Product Roadmap.

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References

2022

• (Pichler, 2022) ⇒ R. Pichler (2022). "Strategize: product strategy and product roadmap practices for the digital age", books.google.com.
  • QUOTE: "… This book begins with an introduction followed by four chapters on product strategy and … product roadmap should be based on a validated product strategy..."

2009

• (Hultman et al., 2009) ⇒ M. Hultman, M.J. Robson, and G. Knight (2009). "Export product strategy fit and performance: An empirical investigation", Journal of International Marketing, journals.sagepub.com.
  • QUOTE: "… product strategy elements and export performance. An issue inherent in testing research hypotheses that state a positive (direct) relationship of export product strategy … product strategy …"

2017

• (Spicer & Hyatt, 2017) ⇒ A. Spicer, and D. Hyatt (2017). "Walmart's emergent low-cost sustainable product strategy", California Management Review, journals.sagepub.com.
  • QUOTE: "This article traces the strategic initiatives that Walmart undertook over the last decade to implement its ambitious vision of selling more sustainable products."

2007

• (Baker & Hart, 2007) ⇒ M.J. Baker, and S.J. Hart (2007). "Product strategy and management", Pearson Education.
  • QUOTE: "No quote available. This is a book citation."

2004

• (Souza et al., 2004) ⇒ G.C. Souza, B.L. Bayus, and H.M. Wagner (2004). "New-product strategy and industry clockspeed", Management Science, informs.org.
  • QUOTE: "We study how industry clockspeed, internal firm factors, such as product development, production, and inventory costs, and competitive factors determine a firm's optimal new-product …"

2004

• (Sun, Xie & Cao, 2004) ⇒ B. Sun, J. Xie, and H.H. Cao (2004). "Product strategy for innovators in markets with network effects", Marketing Science, informs.org.
  • QUOTE: "… We examine the impact of a licensing fee on the innovators’ product strategy. Given the licensing fee, the firms engage in a Cournot-Nash game..."

2000

• (Sorenson, 2000) ⇒ O. Sorenson (2000). "Letting the market work for you: An evolutionary perspective on product strategy", Strategic Management Journal, Wiley Online Library.
  • QUOTE: “… an interesting picture of the ecology of product strategy. Organizations appear to face a type... through which the manager can approach product strategy, this paper provides a beginning…”

1998

• (Sengupta, 1998) ⇒ S. Sengupta (1998). "Some approaches to complementary product strategy", Journal of Product Innovation Management, Wiley Online Library.
  • QUOTE: "We identify and test relationships between some modes of complementary product strategy and … , we examine the sources of competitive advantage in complementary product strategy."

1995

• (Barczak, 1995) ⇒ G. Barczak (1995). "New product strategy, structure, process, and performance in the telecommunications industry", Journal of Product Innovation Management, Wiley Online Library.
  • QUOTE: "… the right mixof new product strategy, organizational structure, and … that a firm's choice of new product strategy, structure, and process … Finally, we argue that a firms' new product strategy …"

1986

• (Bart, 1986) ⇒ C.K. Bart (1986). "Product strategy and formal structure", Strategic Management Journal, Wiley Online Library.
  • QUOTE: "… did not vary with product strategy, then managers at the … and product strategy in the manner predicted in this research. In addition, when formal structure did not vary with product strategy…"

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