Product strategy refers to a high-level plan that guides the development and management of a company’s product portfolio. It involves defining the target market, identifying customer needs and preferences, setting product goals and objectives, and determining the features, pricing, distribution, and marketing strategies that will be used to meet those goals and objectives.
A good product strategy aligns with the overall business strategy and helps the company achieve its long-term goals. It also takes into account market trends, competitive landscape, and customer feedback to ensure that the products are relevant, competitive, and valuable to the target market.
Product strategy is an ongoing process that requires constant evaluation and adjustment to ensure that the products remain relevant and meet changing customer needs and preferences.
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