The Framework
- Mission: This is a statement that describes the problem you are setting out to solve, typically including who you are solving it for. This is often set at the company level, but can also be defined for a product or product line.
- Example: Tesla’s mission is to accelerate the world’s transition to sustainable transport
- Vision: This is the idealized solution that addresses the problem you’ve articulated in your mission. A product vision typically has just enough viability to be relatable, but is still devoid of the details that may hamper your imagination. Product vision is also the goal post and rallying point for your product — it paints the picture of how your product will make an impact.
- Example: Tesla’s vision is to reduce vehicle carbon emissions through the advent of electric vehicles
- 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. Your strategy may evolve with the introduction of new data. If there’s a big shift in strategy while the mission and vision remain constant, it’s called a pivot.
- Example: This is the famous “Master Plan”: 1) Build a sports car, 2) use that money to build an affordable car, 3) use that money to build an even more affordable car, 4) while doing above, also provide zero emission electric power generation options, and then finally 5) don’t tell anyone.
- Roadmap: This is the manifestation of your strategy in concrete steps towards your product vision, inclusive of rough milestones and timelines. This, too, often changes given new data. (Now, Next, Later)
- Execution: This is the day-to-day activities along the path of the roadmap. This is where you do the hard work to build, launch, and iterate, all the while collecting the necessary data to inform any changes in your roadmap and strategy.
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Here are some typical examples of folks who work on these components:
- Mission: CEO, VP of Product, Executive Team, Board
- Vision: VP of Product, Director of Product Management, Senior/Lead PM
- Strategy: VP of Product, Director of Product Management, Senior/Lead PM, PM
- Roadmap: Senior/Lead PM, PM, maybe Associate PM
- Execution: Senior/Lead PM, PM, Associate PM
Product Strategy Canvas
Product Strategy emerges from experimentation towards a goal. Initiatives around features, products, and platforms are proven this way. Those KPIs, OKRs, and other metrics you are setting for your teams are part of the Product Strategy. But, they cannot create a successful strategy on their own.