1. Product Strategy Essential Concepts

1. Purpose

• Definition: Purpose is the reason a company exists beyond profit. It answers the question, "Why do we exist?"
• Importance: A strong purpose motivates both employees and customers by connecting the company’s work to a larger cause or goal.
• Example: A healthcare company's purpose might be to improve people's quality of life through innovative health solutions.

2. Vision

• Definition: Vision is where the company wants to go or what it aspires to achieve in the future. It defines long-term goals.
• Importance: A clear vision aligns the company’s efforts and sets a direction for future growth.
• Example: A tech company might have a vision to become the global leader in AI solutions.

3. Mission

• Definition: Mission is what the company does and the value it delivers through its products or services.
• Importance: The mission communicates the company's focus and core operations.
• Example: A logistics company’s mission might be to deliver fast and reliable shipping services worldwide.

4. Values

• Definition: Values are what the company believes in and the principles that guide its behavior and decision-making.
• Importance: Values shape company culture and influence how it interacts with customers, employees, and society.
• Example: A business might prioritize integrity, innovation, and sustainability as core values.

These concepts are crucial for aligning teams, shaping strategies, and building a company's identity.