488: Product Innovation Strategy: Second of Seven Knowledge Areas of Product Mastery – with Chad McAllister, PhD Product Mastery Now for Product Managers, Leaders, and Innovators

How product managers can master product innovation strategy

Today we’re talking about product innovation strategy, one of the seven knowledge areas for product mastery. These are the knowledge areas that make us successful as product masters who know how to create new value for our customers. They also lead to more influence in our organizations. This is the third episode of a series where we’re diving into each of the seven knowledge areas.

Summary of topics discussed for product managers

Watch the full interview with PowerPoint slides on the Product Mastery now YouTube channel.

[2:30] What is strategy?

Strategy can simply be thought of as a plan to bring about a desired future.

[4:38] The Hierarchy of Strategies



* Mission Statement

* Corporate/Business Strategy

* Innovation Strategy

* Functional Strategy



[6:44] Creating a business strategy

[7:41] Business strategy as a basis for product innovation



* Business goals

* Contribution from innovation

* Specific strategic focus for innovation

* Attack plan and entry strategy

* Project portfolio selection and resource allocation



[9:59] What you need to know before developing a business strategy

Tools for strategic planning

[11:05] SWOT



* Strengths

* Weaknesses

* Opportunities

* Threats

* (Trends)



[12:56] PESTLE



* Political

* Economic

* Social

* Technological

* Legal

* Environmental



[13:37] Business Model Canvas

[17:22] Innovation Strategy

[18:26] A Good Innovation Strategy

[22:20] “I have a great idea but I can’t get support for it in my organization.”

Watch the full interview with PowerPoint slides on the Product Mastery now YouTube channel.

Put the information Chad shared into action now. Click here to download the Action Guide.

Useful links:



* Check out the 2024 Product Development and Management Body of Knowledge by Allan Anderson, Chad McAllister, and Ernie Harris

* Find out how the Rapid Product Mastery Experience, the fastest path to higher-performing product managers and teams, can help your team



Thanks!

Thank you for taking the journey to product mastery and learning with me from the successes and failures of product innovators, managers, and developers. If you enjoyed the discussion, help out a fellow product manager by sharing it using the social media buttons you see below.