What is product strategy? Types and quick over arching 2021 understanding

While working with number of strategists across various organizations here is distill of my understanding, Inspired by Felix oberholzer-Gee’s writing:

Marketing strategy: Good product is table-stake, however, to track down the customer taste and shape behaviour change, most companies need to build marketing strategy for customer discovery and development

Corporate Strategy: The execution is key for scale. Building ecosystem with complementary strengths in portfolio is key to hypergrowth. Corporate strategy is to bring the synergies in that portfolio to maximize the impact and product moat.

Globalization strategy: Opportunities and talent are spread worldwide. With internet penetration all time high, most organizations have potential to establish global presence and provide value to larger audiences.

Innovation Strategy: Innovation is they key to stay ahead of competition for most organizations. While innovation is combination of people, culture and market stage, companies need to laser focus by identifying exact opportunities for innovation in the value chain.

Intellectual property strategy: Innovation is hard. Timing and innovation go hand in hand. It is easier than ever to spin up a small group to de-bundle the innovative part of product and hence, the need of IP strategy to protect the innovation.

Digital Strategy: To exploit the power of internet, large number of organizations are going through digital transformation. COVID catalyzed this transformation. Digital strategy usually complement marketing and global strategy.

Talent strategy: To attract the best and extraordinary in the field – great product and mission is not enough. It’s a multifold strategy with culture, product and purpose.

Data and AI strategy: AI brings the innovative edge, competitive advantage and pushes the satisfaction bar for a product category further. Increasing number of organizations are setting up exclusive efforts around data and AI as non-adoption is existential for process and product

After working at big and small organizations, strategy boils down to 3 things
1. What adds value to customers, your business, employees and suppliers – and how you identify it
2. Where you position offering with respect to competition for perceived value
3. How to win – especially the innovation game to be better than others

Humanity hardly has new problems – Winning strategy is
a) Better, faster, cheaper and new, in more FUN way to solve the problem
b) A magical and move involving way to solve the problem
c) Gives user an autonomy and control

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