Creating a successful product starts with crafting the perfect strategy. This strategy should define the product's unique selling point, its intended audience, its main features, and the business objectives it aims to achieve. This strategy serves as a roadmap, providing guidance on how to reach the ultimate vision for the product.

The process begins with defining the vision for the product - the primary reason for its existence. Once the vision is clear, a strategy is developed to bring this vision to life. This strategy is then translated into a roadmap, which outlines the steps needed to execute the strategy. The product backlog, which contains detailed requirements for building the product as per the roadmap, is then created. It's important to note that changes at any of these stages can have a ripple effect on the others.

The process of creating a product strategy and roadmap can be divided into two main parts. To make this process more relatable, examples from consumer products are used. However, the principles discussed can be applied to any product, whether it's a digital product or software. The term 'product manager' is used to refer to anyone who is responsible for the success of the product, regardless of their actual job title.

The first part of the process focuses on the foundations of the strategy, its development, and its validation. The foundations are crucial, regardless of the stage of the product's life cycle. The development phase involves creating and maintaining successful products using techniques such as market segmentation and personas. The validation phase is about minimizing the risk of a flawed strategy. This is achieved by testing assumptions, which is particularly important for new products, but can also be beneficial for refreshing existing ones.