Ant Murphy outlines a four-step process for developing a product strategy, emphasizing the importance of gathering data, creating strategic narratives, identifying leverage, and making informed choices. Each step requires critical thinking and adaptability, as the strategy is not fixed and should evolve with new insights and information.

Treating company practices like products can help clarify their purpose and value, focusing on the audience, the problem they're solving, and success measures. By doing so, teams will be better equipped to make strategic decisions and avoid misaligned opportunities, enhancing overall product management effectiveness.