What is Product Strategy?

Legal Definition
Product strategy is defined as the road map of a product. This road map outlines the end-to-end vision of the product, particulars on achieving the product strategy and the big picture context in terms of what the product will become. Companies utilise the product strategy in strategic planning and marketing to identify the direction of the company's activities. The product strategy is composed of a variety of sequential process in order for the vision to be effectively achieved. The company must be clear in terms of the target market of the product in order for them to plan the activities needed in order to reach the destination and to achieve its goals.

Goals of a product road map:

Vision provides the big picture of what the company is trying to achieve. Without vision, it will be difficult for stakeholders to understand its direction and it will lack connection to a broader picture.

Product strategy is being achieved by the product road map. While the product strategy outlines the elements of the product and the company's target market, the product road map explains how you will do it.

Big picture context provides the background of each feature and how it relates to larger goals. It also include details in which certain features will be built, and in what order.

Initiatives are the high-level efforts that will help you achieve your goal. For example, performance improvements and expansion of markets.
-- Wikipedia