Do you understand what planning and executing a product development strategy truly entails? In this helpful article, product development expert Vince Law works to clarify the concept of “strategic thinking.” Law explains strategy’s importance and offers a practical framework that contextualizes and defines strategy within the overall product development timeline. Law also offers general and specific examples of the framework and thus, strategic thinking, in action. getAbstract recommends this article to project leaders looking to better understand how to develop and execute strategy.
Strategy: This is a set of principles and decisions — informed by reality (e.g. market forces, laws of physics, data) and caveated with assumptions — that you commit to ahead of development to ensure the greatest likelihood of success in achieving your vision.
Mission: This is a statement that describes the problem you are setting out to solve, typically including who you are solving it for.
Vision: This is the idealized solution that addresses the problem you’ve articulated in your mission.