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Product Managers: What is your product strategy?

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Ask a Product Manager (PM) who has put together a product strategy and they will tell you that it's hard. In fact, even the best PMs sometimes struggle to create and articulate a clear product strategy, and almost no one gets it right the first time.
Why is strategy hard?  The answer may lie in an insight from Michael Porter’s Dec 1996 Harvard Business Review article What is Strategy? in which Porter asks why so many organizations struggle with defining, explaining and acting on their strategies. Porter argues that strategy is fundamentally about making trade — offs and organizations struggle with this because of conflicting imperatives related to operational effectiveness and growth.

Although the modern view on some of the examples Porter uses in his article has shifted the essence of his argument remains true: good strategy requires making tough choices and organizations struggle with making these choices.

PMs are extensions of their broader organizations and oftentimes stewards…