It tells the team where the product is headed and what needs to be done to get there. Strategy definition is an important part of product planning. It aligns executives and other key stakeholders around your desired end state and how the product will achieve your business objectives.
What is a Strategy Framework Strategy frameworks are tools that help structure business thinking and guide businesses as they grow and accomplish their missions. They can also be used to analyze business issues and develop strategies. And strategy consultants often use them to communicate their solutions to their clients.
Ideally, good product prioritization frameworks allow you to silence the voice of the loudest person in the room using quantitative rankings, charts, and matrices with values that are directly tied to your customer feedback and product strategy. Here at Roadmunk, we understand this.
Product Development Strategic Planning Framework diagram
Growth Strategy Matrix – Growth Strategy Matrix Analysis – Growth Strategy Matrix Framework – Growth Strategy Matrix Business Methodology – Growth strategy model prescribes a type of strategy depending on whether the markets are existing or new and whether the product is existing or new.
The four growth strategies are: market penetration, market development, product development and diversification. When market is fully penetrated, it is advised for businesses to either proceed with the market development for existing product or product development for existing market. Diversification is usually difficult to achieve. Below matrix identifies various growth strategies and gives examples of real businesses.