Exploring Product Vision and Strategy for Growth and Differentiation: Unveiling the Path to Product Success

Figure 1–2. The Product Vision Ilustration

Get To Know Product Vision

Product vision is a clear and inspiring description of the future product or service that the development team wants to achieve. This vision determines the path and goals of the product, and provides benefits for both users and the company. Core vision, target group, needs, product, and business goals are the components of product vision.\

Product Vision
Product vision must be flexible and adaptable to changes in business and markets. In addition, the product vision must be aligned with the company’s values and mission and long-term business strategy. By having a strong product vision, product development teams can prioritize and direct their product roadmaps to achieve long-term goals.

Components of Product Vision

The following is an explanation per component point in the product vision:

1. Core vision: Core vision is the ultimate goal of the product or service. It should be clear, inspiring, and easy to remember. It guides the product development team in prioritizing features and functionality. For example, the core vision of Apple’s iPhone is “to make the best mobile device in the world.”
2. Target Group: The market or people that the product or service is specifically directed at are referred to as the target group. In order to direct the product’s development, it should be precisely specified. For instance, smartphone users who want the newest technology and upscale style are the iPhone’s target market.
3. Needs: Needs are the issues or demand that the good or service is meant to solve. The foundation for creating a product’s features and functionalities is the demands of the user. Users of the iPhone, for instance, value simplicity of use, speedy operation, and aesthetic appearance.
4. Product: The service or good being created should support the fundamental goal and cater to consumer demands. It should be equipped with the necessary features and capabilities to address user needs or find solutions to their issues. For instance, the Apple iPhone has a good camera, quick processing, and a stylish appearance.
5. Business Goals: By introducing a product or service, a corporation hopes to accomplish its business objectives. To guarantee the success of the product, these objectives should be quantifiable and reasonable. For instance, the Apple iPhone’s commercial objectives include boosting customer loyalty while also growing sales and market dominance.

Get to know Product Strategy
Product strategy is a strategic plan that includes development, marketing, and product or service improvement. It covers aspects like pricing strategy, positioning, product features, and marketing strategy. Horizontal and vertical approaches are two approaches used in developing new products. Product strategy is literally divided into two types:

1. Horizontal Approach: This Approach encourages the launch of new products that meet common needs in several market segments. New products that have just been released can be tailored for use by a variety of user groups with just minor differences in features or specifications. This approach yields more effectiveness in the development of larger-scale products and processes.
2. Vertical Approach: This promotion encourages the development of new products that are solely intended for niche markets or fluctuating consumer needs. The products that come from this Approach have a focus that is more narrow and precise in meeting extremely specific needs. This approach may result in increased competition in the current segment of the market.

In both approaches, market analysis, competition and understanding of user needs are important factors in determining the right steps in product development

Components of Product Strategy
The following are the components of Product Strategy:

1. Target Market: The intended market segment for a particular product. Choose the target market carefully so that the product can be on target.
2. Value Proposition: Value promised by the product to the target market. The value proposition must be interesting and differentiate the product from competitors.
3. Competitive Positioning: The position of the product in the market compared to competitors. Competitive positioning must be clear and distinguish the product from competitors.
4. Product Roadmap: A strategic plan that guides future product development. The product roadmap includes the features and functionality to be added to the product and when they will be released.
5. Go-To-Market Strategy: Strategy for introducing products to the market. The go-to-market strategy includes the way the product will be promoted and distributed to the target market.

Product Vision and Product Strategy

Product vision and product strategy are two different, yet interrelated concepts in developing a successful product.

1. Product vision: The long-term goals, objectives, company values, and contribution to users and the wider community are all part of the product’s vision.
2. Product strategy: Detailed plans including prices, product characteristics, positioning, and marketing strategies that address specific market segments. Concentrate on reaching product goals and fulfilling user expectations.

The two are interrelated because the product strategy is based on the product vision, and the product vision provides direction for the development of the product strategy.

Case Study

Figure 1–1. The Product Vision case study, demonstrate the product vision with the example of GoJek

Gojek works to meet specified business goals with the product vision of being an on-demand platform that offers transportation services and other industries. By broadening their selection of services, providing a superior user experience, and raising user engagement and happiness, Gojek aims to increase the number of active users and transaction volume.

Figure 1–2. The Product Vision case study, demonstrates the product strategy with the example of GoJek

The horizontal strategy product approach enables GoJek to develop its service offerings, improve user experience, increase user trust and satisfaction, conduct efficient marketing activities, and develop collaboration initiatives

Reference :

1. Anon, J., & González de Villaumbrosia, C. (2017). The product book (pp. 9–17).
2. Pichler, Roman. Strategize: Product Strategy and Product Roadmap Practices for the Digital Age. Pichler Consulting, 2016
3. Yusuf, D. “Product Manager Foundations’’ E-learning of MySkill. Accessed 1 Jun. 2023.