Product strategy is a crucial tool for empowering teams, delivering customer value, and achieving market success by bridging the gap between a company's vision and its day-to-day operations. It involves defining "best bets" rather than rigid plans, focusing on broad strategic areas that guide a business over three to five years. Effective product strategy helps align organizational goals, eliminate competing priorities, and ensure that efforts contribute positively to the bottom line. The article discusses the importance of product strategy, illustrating its impact with case studies from Amazon and Booking.com, which demonstrate how clear missions and strategic focus can drive success across large organizations. It outlines six steps to develop a product strategy, emphasizing the need for business strategy alignment, customer insight, collaboration, and regular review to adapt to changing markets. The strategy should include mission vision, market context, strategic pillars, and an execution plan, with tips for maintaining and executing the strategy effectively.