Product strategy
Product strategy refers to a strategy applied to a product of a company . The company defines the product strategy as a medium to long-term plan for how the product is to be successfully positioned on the market. The product strategy should be a subset or a derivation from the corporate strategy .
Typical elements of a product strategy are:
- Product design and possibly product variations
- Differentiation of the product and possibly unique selling points
- Product innovation, life cycle and further development of the product or product versions
- Product development and production
The product strategy is usually the prerequisite for a marketing strategy .