The second most common product strategy mistake is the mirror image of Mistaking a Roadmap for a Strategy: instead of shipping features with no destination, teams stay at a purely theoretical level — market trends, competitive landscape, pontificating about emerging technology — and never descend into concrete plans, recommendations, bets, and investments.
Product strategy failures tend to cluster at opposite ends of one axis:
Both skip the same missing middle step: translating ambition into a concrete, executable plan. A real strategy needs both a named 'win' condition and the worked-out steps to get there — either half missing collapses into one of these two failure modes.
Strategy conversations that stay comfortable at the level of market analysis and trend-spotting, because concrete bets are riskier and more falsifiable than theory. See Focus + Transparency + Placing a Bet (Strategy Quality Rubric) for what a strategy needs to include to avoid this trap.