What is product strategy? It is what you do when you have worked hard on a product, integrated all your user’s input, satisfied all your stakeholders. Then, on release day, you find out that your product does not work in the way you expected. This is the moment when product strategy is needed.
Here is an insight from product manager Anthony Murphy, quoting Mike Tyson:
"Everybody has a plan until they get punched in the mouth. Product strategy is what you do when you get punched in the mouth."
Check out his super helpful talk on why you don’t have a prioritization problem:
https://www.productboard.com/lp/anthony-murphy-webinar-prioritization-problem/