What are the components of “product strategy”
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• There are four key components of a product strategy • Customers • Competitors • Your business • The macro environment • Let’s understand these 4 components used by top UX design studios
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1. Customers
• Customers play a significant role in every business and so, it is necessary to develop a product that customers want • Therefore, before deciding a product strategy, ensure that you have a strong understanding of who your customers are and what are their needs
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2. Competitors
• Every business has competitors in the market that play a significant role in product decisions. • A product strategy describes how you position your product to your customers compared to other products in the market.
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3. Business
• Chief objective of every organization is to make money and provide a return on investment to its shareholders. • The product strategy explains how the product will earn money and attain business objectives.
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4. Macro Environment
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• Macro environment involves economic, political, technological and cultural factors that may create an effect on your market and product over the short and long term. • The product strategy should consider following factors • Emerging markets having demand for your product • Emerging methodologies that may have an effect on your customers • Evolving customer needs and conduct • Economic factors that may affect your customer’s requirements or budgets
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© YUJ Designs 2019. Confidential Document.
https://www.yujdesigns.com