INNOVATION STRATEGY

PRODUCT PORTFOLIO MANAGEMENT

Product portfolio management refers to the practice of managing an organization’s entire product portfolio, which consists of all the products the organization has.

 

Product levels

PRODUCT

A product is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange.

In essence, the term “product” refers to anything offered by an organization to provide customer satisfaction—tangible or intangible.

Thus, a product may be an idea (recycling), a physical good (a pair of jeans), a service (banking), or any combination of the three.

 

 

PRODUCT LINE

A product line is a group of products marketed by an organization to one general market.

The products have some characteristics, customers, and/or uses in common, and may also share technologies, distribution channels, prices, services, etc. There are often product lines within product lines.

 

SBU

A strategic business unit or SBU is a self-contained planning unit for which discrete business strategies can be developed.

 

The goal of product portfolio management is to ensure that the company’s investment in products meets objectives. In order to do this, portfolio management must understand the needs and contributions of the products and allocate resources across product lines and SBUs to optimize their market performance.

 

Product portfolio Innovations

We help our clients with:

• Selecting the right product and product lines
• Predict trends and design product that will sell in 18-36 months
• Decide which products can be restyled and which need new designs
• Matching suppliers and restyle or redesign new lines
• Envisioning new family styles within product lines
• Assess new product and technology opportunities
• Create the technology roadmap
• Develop an internal product development team and strategy

 

Read more

https://courses.lumenlearning.com/clinton-marketing/chapter/reading-the-product-portfolio/