I've talked about being customer-driven: See everything from the customer point of view first, understand value from the customers' perspective, ask what they want next and deliver it to them quickly.
In the charter, express the product vision in customer terms. Start to create a product backlog by first capturing the product sponsor's strategy as goals expressed in customer terms. Organise the goals as a tree with the vision at the root. Break goals down into smaller goals (and be careful not to go too far so that strategy becomes tactics). The goal tree is a strategic planning tool but, just as importantly, you should use it as an execution tool with the goals encapsulating the voice of the customer.
The product owner uses the goal tree as a roadmap to achieve the vision (periodically reviewing it with the product sponsor to ensure it continues to steer a true course). Making tactical decisions and creating tactical goals for the release and iteration planning games the product owner steers the development effort to deliver the highest value functionality to customers and realise maximum return on investment for the business.
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