Product strategy is a high-level plan that outlines a product's long-term vision and goals. It defines the direction for the product, target market, competitive positioning, and key features to be developed over time. Product strategy aligns with the company's overall business strategy.
For instance, a software company's product strategy for a customer relationship management (CRM) system might involve expanding into new market segments, introducing integrations with other software, and enhancing customer engagement features.
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