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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