Product Strategy is the science of deciding what to build.
Decisions
Target customer segments and positioning
Product value proposition and competitive differentiation
Key features and supporting services
Business model
Platform governance and network effects design
Marketplace and demand / supply value proposition and dynamics
Analysis & Prioritization
Current product performance, marketshare, usage
Customer needs, pain points and JTBD
Competitive differentiation and sources thereof
Value proposition and key features of competitor products
Business models within product category
Platform and marketplace governance systems and guidelines