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Balancing the Product Portfolio

Summary

This best practice explores considerations when balancing the product portfolio, including the product mix, market share approaches, and product maturity. 

In today’s competitive and ever-changing market, a product portfolio cannot remain static for very long. Thus it is vital to keep the product mix dynamic. This must be done while maintaining stability as well. In essence, managing a product mix is about:

  • Ensuring the growth and satisfaction of existing products
  • Making product changes to adapt to emerging trends and technology
  • Developing new products to leapfrog the competition and surprise the customer
  • Phasing out declining products that no longer generate steady revenue

The key is to find the right balance across these activities. Constantly changing products can confuse and frustrate customers. But a stagnant product mix will soon fall behind innovative competitors.

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