This article is dedicated to exploring the theoretical essence, aspects, and trends in preparing and implementing a product strategy in the activities of companies at the current stage. It provides a theoretical description, the concept, and contemporary product strategies. The presence of a connection between strategic management and the development of a product strategy is highlighted. It is emphasized that the process of implementing a product strategy presupposes its reproduction in practice, taking into account the specific stage, changes, and market dynamics. A typical algorithm for preparing a product strategy is characterized, broadly reflecting practical recommendations, relying on which companies will be able to prepare their own product strategies. The research concludes with general trends in the preparation and implementation of product strategies by domestic companies, among which are: a high level of customer orientation; the ambition to reduce the level of costs (focus on price competition); replacement of imported products and promotion of "domestic products".