Vision vs. Strategy - What�s the Difference? is a free tutorial by Cole Mercer from Product Management course
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Course summary:
The difference between vision and strategy
How famous leaders use vision to succeed
How to use a vision framework for your company and product
How to use OKRs to track progress
How product development hierarchies work
How to understand agile roadmapping
How to tie your metrics to your overall business strategy
When to use data and when t use intuition
How to debug metrics with origin source sorting
How to recognize cohort anomalies
How to design a cohort analysis
How to design and run a t-test on cohort data
The difference between a leading and lagging metric
How metrics differ in multiple industries, including e-commerce, mobile, & marketplaces
English
Hey folks. Good to see you again. We're going to start out by talking about what vision and strategy actually are, and then how they're different. After that, We're going to start out by talking about what vision and strategy actually are, and then how they're different. After that, I'm going to show you the first part of the framework that we'll be using throughout this section to help guide us. Every time we learn more, we'll see how it fits into our framework. Let's start with that thing you see all the time in product management job descriptions, and whenever people in the media are talking about the latest visionary, billionaire entrepreneur - vision. What is it? Well, if we look at a dictionary, vision is defined as a vivid mental image,
especially a fanciful one, of the future. All right. That's not really helpful. But what about the word visionary? The dictionary says the definition is: especially
when referring to a person, a visionary is one who is thinking about or planning the future
with imagination or wisdom. Did you hear that? There's a clue here: thinking about
or planning the future with imagination or wisdom. The key words that jump out to me here are
planning, future, and wisdom. We could go on all day with the boring dictionary lookups, but let me get straight to the point. Having vision is just having an opinion about the future,
and hopefully that opinion is an informed one. If we look at history, people that are considered
visionaries are people that have had opinions about the way that the future could or should be that turned out to be right either by pure luck or,
in many cases, through direct efforts of that person. Martin Luther King Jr., the famous American civil
rights activist, is considered a visionary because he spoke about a future where African-Americans would
be treated equally to everyone else under the law. And then he held rallies and worked his entire life
to help make that a reality. On the other hand, there's cases of science fiction book
authors that are considered visionaries because they had creative opinions of how the future might look, and although they didn't contribute to technological
development themselves, the real future we live in today ended up being pretty close. When it comes to business, the term vision is more
like our first example, where you imagine a far reaching future that could be possible and then you
work towards making that future happen. Now what about strategy? Well, defined simply, a strategy is
exactly how you think it is when you think about a game of chess - a series of
good moves that you make in order to achieve a goal. The important thing to know about strategy is that
it's usually against an opponent. In a game of chess, you play against one opponent and make strategic
moves to achieve your goal, and your goal is to win the game. In business, you make strategic decisions
or moves over a period of time to achieve a goal, like becoming a leader in your market,
or increasing your sales by some percentage, and then that goal usually comes at the expense of
an opponent, like one or more competitors. Right now, you're definitely thinking,
""Cole, this is really basic stuff, Right now, you're definitely thinking,
""Cole, this is really basic stuff, and if you don't get to the point soon,
I'm gonna leave you a one star review."" And to that I say, please don't. I have children, they'll go hungry. Please think of the children.
Somebody please think of the children.
I'm kidding - kind of. Anyways, you're right. Please think of the children.
Somebody please think of the children.
I'm kidding - kind of. Anyways, you're right. This stuff is simple, but there's a method to my madness here. Remember that we started out by admitting that the terms visionary and strat
