STRATEGIC PRODUCT PLAN

GROUP YOURSELVES WITH 3 MEMBERS EACH GROUPS

I. MARKET REVIEW

a. Market Trends and Opportunities

b. Customer Needs
c. Competitive Landscape

II. FINANCIAL REVIEW

a. Company Performance
b. Sales Channel Performance
c. Product Performance

III. CORPORATE STRATEGY

a. Vision
b. Financial Objectives
c. Growth Plans

IV. PRODUCT STRATEGY

a. Product Financial Plans

b. Target Market and Customers
c. Products, Themes, and Pricing

V. PRODUCT ROADMAP AND RELEASES

a. Quarterly Deliverables
b. Product and Features
c. Schedules

I. MARKET REVIEW

Product management presents a market review to executive management sharing facts

on market trends and opportunities, key customer needs, and competitor moves and
positions. Though product management will keep tabs throughout the year on many of
these items, this is the opportunity to update the information to ensure it is complete and
current. Other functions may be invited to provide their perspectives on the market and
customers as well.

II. FINANCIAL REVIEW

The finance team presents results on the company’s financial performance overall, for
its sales channels, and for its products. Providing revenue and profitability by product is
critical to making good product decisions and developing effective strategies.
III. CORPORATE STRATEGY

This is when the company’s executive team outlines its corporate strategy regarding its
vision, financial goals, and plan for achieving those goals. The corporate strategy
should be explicitly presented to the product management team to facilitate product
strategy development. For some smaller businesses, steps 3 and 4 may be combined
into a single step.

IV. PRODUCT STRATEGY

Product management develops its product strategy considering market dynamics,

customer needs, financial goals, and corporate strategy. It specifies what product
changes are needed and indicates the financial plan for each product area. The product
strategy should be reviewed by the executive team to ensure alignment with the
corporate strategy before proceeding to the next step.

V. PRODUCT ROADMAP AND RELEASES

This last step involves the development of a product roadmap and more detailed
release plans for the coming quarters consistent with the product strategy. This
roadmap becomes the official “product plan of record” and should be managed with
formal change control procedures. This step is executed after the annual planning cycle
and is repeated every 3 or 4 months to allow responses to changing market conditions
and deployment schedules and should be re-approved by executive management.

NOTE:

Success is Determined By Product Success

Effective product plans to address market and customer needs AND supports the
company’s growth strategy. Creating effective product plans can only be accomplished
with strong communications between the product management team and the executive
team because:

1. Product management has critical market information that executives need to develop
effective strategies;

2. Product management can help develop strategies by asking key questions and
discussing product implications; and

3. Product management must clearly understand the company’s objectives and

direction to create product strategies and roadmaps.
By leveraging the product management team as a strategic resource, you will ensure
that your products have been influenced by the best minds and information your
company has available and you will gain greater control in driving your company’s
success.