Product marketing is a critical component of business strategy that focuses on product positioning and messaging. It involves understanding the product's appeal to certain audiences and crafting messages to communicate with them effectively. Key responsibilities include creating competitive analysis docs, product 1-pagers, go-to-market strategies, and defining target audiences. To develop a successful product marketing strategy, businesses must understand their customers' pain points, strengths and weaknesses of their products, competitors, and market landscape. This understanding helps in building core positioning and messaging components to create consistent messaging across various channels.