Blog 32: Why we need to articulate a good product vision?

“Companies that enjoy success have core values and a core purpose that remain fixed while their business strategies and practices endlessly adapt to a changing world.” (Source: HBR’s 10 Must Reads on Strategy)

Breaking down the image below:

Core ideology

• Core values: handful of guiding principles by which a company navigates. Disney’s core values of imagination and wholesomeness stem from the founder’s belief.

• Core purpose: a company’s most fundamental reason for being. Disney’s core purpose is to make people happy.

Envisioned future

• 10-to-30-year BHAG: big, hairy, ambitious plans that rev up the entire company.

• Vivid description: paint a picture of what it will be like to achieve the BHAGs.

Why articulating a good product vision so important?

• Keeps us focussed on the customer.

• Shows us why our work is meaningful; and how we can positively impact lives.

• Acts as a North Star metric (see blog 35).

• Provides engineering team with enough clarity about what’s coming in future.

• Serves as one of the most powerful recruiting tool.

• Acts as a powerful evangelism tool.

Jump to blog 100 to refer to the overall product management mind map.

Source: Book- HBR’s 10 Must Reads on Strategy, Marty Cagan’s Empowered

All the best! 😊