Any product portfolio needs a clear mission statement and vision
In my company we are running several products in parallel. Each of our brands has a print publication, a website, a phone app and maybe a tablet app. As things go these different products can easily have different business models, target groups and potential.
That’s why there needs to be a mission statement.
The team working behind these projects will be eaten by daily business like every other team in the world.
Every member of that team wants to give a 100% of their work to make everything successful.
But what to focus on?
In daily business everything is urgent which can easily lead to focussing on something that was more urgent but less important than something else which is why there needs to be a common understanding of goals and priorities. You need to be able to know how every product fits into the overall strategy. Even new ones.
Because daily business is urgent most of the time a team will benefit from a clear mission statement that creates a common sense of strategy so each member can run along without the need to sync priorities and directions for some time.