Product Strategy

Usually several years out (often 2 to 10), far enough to inspire and guide many teams but concrete enough to be believable.

It is customer-centric, inspiring, ambitious yet plausible, and easy to communicate, often shown as a vision narrative or prototype of the future experience.

A mission states the organization's enduring purpose and what it does for whom; a vision describes the future state it aims to create.

The mission expresses why the organization exists; strategy is the current plan for pursuing it and should adapt to market changes and learning.

A diagnosis of the challenge, a guiding policy for dealing with it, and coherent actions that carry out the policy.

Fluff, failure to face the challenge, mistaking goals for strategy, and bad objectives; a list of ambitions is not a strategy.