MODULE 2

PROCESS DESIGN & PRODUCT

DEVELOPMENT
PRODUCT STRATEGY
• a high-level plan describing what a business hopes to accomplish with its product and
how it plans to do so
• strategy should answer key questions such as who the product will serve (personas),
how it will benefit those personas, and the company’s goals for the product throughout
its life cycle.
• A product strategy provides clarity for company
• It helps to prioritize the product roadmap.
• A product strategy improves the team’s tactical decisions.
Components of a Product Strategy

 1. Product vision

PRODUCT
• product vision describes the long-term mission of your product.
VISION
• typically written as concise, aspirational statements
• product vision should remain static.
2. Goals
• High level strategic goals
• influence what the team prioritizes on its product
GOALS roadmap
• SMART goals-specific, measurable, attainable, relevant, and time-bound.
3. Initiatives
• strategic themes you derive from your product goals and then place on your roadmap.
• They are significant, complex objectives your team must break down into actionable tasks. (The product
roadmap is, after all, only the high-level blueprint.)INITIATIVES
product initiatives include:
•Eg: Improve customer satisfaction, Increase lifetime customer value
 PRODUCT LED GROWTH

PRODUCT
PRODUCT
DIFFERENTIATION/LEAN
SEGMENTATION
PRODUCTION

MODELS
OF
PRODUCT
STRATEGIES
Models for product strategies.
Product-led growth (PLG)
Product-Led Growth is defined as a go-to-market strategy that relies on using your product as the main vehicle to
acquire, activate, and retain customers.
Product-led growth (PLG) is an end user-focused growth model that relies on the product itself as the primary driver of customer
acquisition, conversion, and expansion.
Product segmentation
product segmentation refers to the grouping of products that have similar characteristics or attributes
and serve a similar market. 
Product segmentation provides a mechanism for a company to distribute the risk of selling a high-cost product across
different target markets
The goal of a well-executed product segmentation strategy is to sell more products to more people at lower marginal production costs
The lean product differentiator
Product differentiation is a process used by businesses to distinguish a product or service from other similar ones
available in the market.
Lean production is an approach to management that focuses on cutting out waste, whilst ensuring quality. This approach can be
applied to all aspects of a business – from design, through production to distribution.
Lean production aims to cut costs by making the business more efficient and responsive to market needs.
This approach sets out to cut out or minimise activities that do not add value to the production process, such as holding of stock,
repairing faulty product and unnecessary movement of people and product around the business.