There are many types of business models — including lean canvas , Porter's 5 forces , and the 10Ps marketing matrix , among others. In markets where product comparison knowledge is very important (such as camping equipment), new stores could find it difficult to compete with firms that are following a focused differentiation business strategy. The product strategy enables you to focus on a specific target market and feature set, instead of trying to be everything to everyone. Vision -> business strategy -> product strategy -> product roadmap -> product backlog. Each company has distinctive needs and goals. Another way of thinking of these product goals is as key success metrics for your product—a way of gauging whether your product strategy is working or needs adjusting. Acquisition, cost leadership and differentiation are just a few to mention. Examples of companies in the overall market scope that pursue an overall differentiated strategy include Sony and Apple. Shopping products. If you can break down quarterly business goals into product goals and capture them on a product roadmap, depends on the product’s life cycle stage: Once your product grows steadily, you should be able to carry out this exercise (if it is helpful). Businesses that sell luxury goods in any industry are employing a focused differentiation strategy. Shopping products are a consumer product that the customer usually compares on attributes such as quality, price and style in the process of selecting and purchasing. Its business strategy will depend on its target market, objectives and resources. There are several business strategy types available and each has unique characteristics. They produce a large number of quality products that appeal to the wide technology consumer market. A product strategy outlines a company’s strategic vision for its product offerings by stating where the products are going, how they will get there and why they will succeed. The product strategy is composed of a variety of sequential processes to effectively achieve the vision. The types of new product development strategy include the application of economic principles that involves an analysis of the market, consumer preferences, the company’s specialties and the purposeful holding of sessions where members of the marketing and production team can put forth ideas regarding potential products. The second one of the 4 types of consumer products is the shopping product. Models are useful when you launch a new product or want to evolve your strategy as the market changes.