Strategy is not what you say you will do. It is what you actually do.
And Product Strategy is defined by the product programmes that you put money into.
Successful new products rely on innovation and innovation are often driven by technology. So to be successful, a company should have strategies for technology, innovation and new products in place and these should all be aligned with each other and the overall comapny strategy.
However any strategy is just pie in the sky unless it has resources attached to it.
So Company Strategy is about how you will deploy your resources in order to achieve your goal. And as pretty well every company exists to sell products (or services) in a market, Company Strategy is about deciding which technologies & innovations, products and markets to spend money on, which is exactly the same as Product Strategy at its highest level. In other words Company Strategy and Product Strategy are the same thing.
Thus deciding how much money to invest in new products for old markets v how much to invest in old products for new markets (and any combination of these), and how much risk to take in doing so, and what type of products these should be are all part of Product and hence Company Strategy.
In fact in the best companies the Chief Executive Officer, could be renamed the Chief Product Officer, because that is what he really is. Steve Jobs at Apple was the classic example of recent times. Henry Ford was the classic example of the early 20th century.
And if you don’t do what you say, i.e. if you don’t invest enough money to make the new products that your stated strategy requires, then you haven’t got a strategy, you have a pipedream instead.
Plus if you don’t match your strategy to your vision and product programme to your strategy, you won’t get to where you wanted to go. Of course if you did not know where you wanted to go anyway, then it maybe doesn’t matter, as long as you have a pleasant journey and avoid falling down a hole.
If you would like someone to bounce around your thoughts on product strategy with someone indepoendent, then please contact us.