What is the difference between product strategy and product management in big tech? (Responsibilities, pay, reputation, which org they sit in etc.)

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Depending on the Product Portfolio and the Organizational structure, the strategy function may sit at the portfolio level to align funding, roadmaps and resources across products. That would be a VP of Product role.
At a group product level, the PM (typically Sr. Manager / Director), the strategy role would elaborate the overall strategy to align funding with specific roadmap outputs, OKRs, team and resource outlines, hiring plans, launch goals, and so on.

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Depends. Product strategy in an “ideal state” has oversight across product teams. In places where this is true, product strategy has a lot of influence. In more common practice, product strategy teams are often glorified data analysts. Pay varies by company - usually pretty similar I would say. In some, one may be higher than the other but no “standard”.

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What’s more prestigious/higher paying? I rarely see product strategist roles – aren’t they generally just PMs and strategy/delivery depends on the company?

Strategy usually longer term, portfolio level thinking, and gives direction to owners/managers for them to build.

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Strategy isn’t nessesary hands on with the build. More so developing the roadmap and working with the client to ideate the future state and how to get there. PMs will be hands on with that roadmap for the build that the strat team put together

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Product strategy is typically owned by the product teams. They cannot just tell PMs what to do since we have our own roadmaps. Its a nice to have and taken into consideration.

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