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How to Become a Successful Product Manager | Part-2 of 4 | Product Strategy | Case Study

Introduction

Throughout this series of blog post, we're looking at the work of product management spread across four different areas.

Part3:
New Product Development
Part4:
Product Lifecycle Management

So in the last section, we looked at Market Intelligence, so customer market competitive analysis. In this section, let's talk about strategy.

So here are few definitions to keep in mind.

  • Product Vision: how the world will be a better place if we succeed?
  • Product Objectives: are specific measurable goals which track progress to meet our vision.
  • Product Strategy: is our (Product Manager's) specific steps to meet our vision and objectives. So it's our path to find customer value, enduring competitive advantage in a long year after year profitability.

Which means, a product strategy aligns with Company strategy. The strategy should align with the company's goals and can be executed at the product or portfolio level. The team should include diverse perspectives to develop a well-rounded product strategy. Product strategy helps in focusing efforts, guiding all aspects of product management, and ultimately creating an impact and shaping the envisioned future.
Now let's see how we apply this to FluxyAI.

Product Strategy Levels

Interactive Chat
Shared Chats
Blogs
Shared Platform Functionality
Digital Infrastructure

Items in RED are considered as Product Level Strategy, the bigger BLUE one is called Portfolio Level Strategy and depending upon your role, you could be working on either of those red or blue.

FluxyAI vision and objectives

FluxyAI's vision is to offer an AI-powered tutor in a friendly chat format, providing guidance that surpasses private tuition quality. They aim to make this personalized learning experience available to users on any topic, anytime, and at the most affordable price.

Product Objectives

  • Customer Value Metric: Achieve a customer satisfaction rating of 4.5/5 or higher, based on user feedback surveys and reviews, within the first year of launching FluxyAI.
    This metric will capture the level of value Fluxy's AI-powered tutor (ChatGPT) provides to its users, indicating that they are highly satisfied with the personalized learning experience and the quality of guidance received.
  • Market Leadership: Attain a minimum of 25% market share in the AI-powered tutoring sector within the first two years of operation.
    This objective measures their competitive advantage and market leadership, showcasing their ability to outperform competitors and establish FluxyAI as a dominant player in the industry.
  • Revenue and Growth: Achieve a year-over-year revenue growth rate of at least 30% for the first three years of FluxyAI's operation.
    This objective aligns with their vision of providing affordable AI-powered tutoring while also sustaining the company's financial health and viability.

In conclusion, a well-defined product strategy empowers us to focus, make impactful decisions, and build a better future. Let's embrace innovation and track progress efficiently for success. In the next section, we will talk about New Product Development

Part3:
New Product Development
Part4:
Product Lifecycle Management

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