Product strategy defines what your product should achieve and how that supports the organisation, and is brought to life through the product road map. Companies utilise the product strategy … Production and Operations … They oversee an organization's key operations and, thus, they … They oversee product development and delivery, inventory and supply chain management, operations staffing and job design, and production. Other teams sometimes operate with a lean methodology and think this excuses them from developing a strong product strategy … Some people think of operations as the daily tasks and tactics that transform materials or actions into a product or service, but operations strategy … Operations management is the profession that encompasses planning, implementing, and supervising that production. Understanding of Production and Operations Management Production and Operation Management deals with the creation of goods and services through the application of the business concept. Building a solid product strategy is often thought of as a complex challenge and many companies fail to approach it systematically. This strategy outlines the end-to-end vision of the product, particulars on achieving the product strategy and the big picture context in terms of what the product will become. We believe it applies just as much to IT, inventory control and operations … Continual Development of New Product/Service Offerings. They are also vital in both service and manufacturing firms. Trend: The single most important thing every company must do to remain competitive is to develop new products and services. A company’s operations are the activities that produce and deliver a product or service.