This article demonstrates the value of product-customer matrices (PCMs). PCMs can improve managers' understanding of what a company's products actually are; who the customers are; which product-customer segments the company is currently in; which ones it is not in; the business(es) it is in; the competitors within each product-customer segment; which segments are currently important in terms of sales or profitability, and which are growing or declining; the nature and level of competitiveness in each segment; how firms compete and the key success factors in each segment; the strategic groups in the industry; the segments the company might exit or enter; and how the company should compete in each segment. The article outlines a five step process for making PCMs an integral part of strategic analysis.