Product portfolio management is the process of managing and adapting a company or organization’s existing products. This is an important part of the overall marketing and business strategy.
- Product portfolio analysis : Evaluate and analyze the performance of each product in the portfolio. This includes identifying successful and unsuccessful products, analyzing profits, sales, assessing market share and feedback from customers.
- Determine strategy: Based on product portfolio analysis, the company can determine the appropriate strategy for managing existing products. This may include focusing on and growing successful products, optimizing or retiring ineffective products, and seeking opportunities to expand the product portfolio.
- New product development : Product portfolio expansion may include developing new products to meet customer needs or reach new markets. This process includes market research, competitive analysis, product development, testing and testing, and finally marketing and distribution of the new product.
Product lifecycle management:
Product lifecycle management involves managing a product from the time it is developed until it is withdrawn from the market. Here are the important stages in product lifecycle management:
- Introduction Phase: During this phase, focus is on product development, market research, and creating awareness among potential customers. The goal is to create interest and curiosity about the product. Activities include market research, product design, prototyping, testing, and initial marketing campaigns.
- Growth Stage: During the growth stage, the product starts attracting interest from the market and sales and demand increase. The company’s goal is to maximize market share and profits. Marketing strategies focus on expanding distribution channels, increasing market penetration, and building customer loyalty.
- Maturity stage : The maturity stage is characterized by stable sales and a saturated market. The company aims to maintain market share, attract new customers and retain existing customers. Marketing strategies often involve product differentiation, customer loyalty programs, and continued product enhancement.
- Decline Stage: During this stage, the product experiences a decline due to intense competition, changing customer needs or technological advancements. The company may decide to withdraw the product or redesign and innovate to rediscover the market. Marketing strategies during this stage may involve restructuring the product, finding new markets, or finding ways to revive customer interest.
Product Management Marketing:
Product management marketing involves developing and implementing marketing strategies to promote and optimize the value of products. Here are some important aspects of product management marketing:
- Identify customers: Analyze and identify target customers for the product. This includes market research, assessing customer needs and wants, identifying target groups and creating detailed customer profiles.
- Build a marketing strategy : Identify the core elements of your product and create a comprehensive marketing strategy. Marketing strategies may include product positioning, distribution options, pricing, advertising, and public relations. The goal is to create value and attract target customers.
- Advertising and public relations: Use advertising and public relations to create awareness and build product image. This may include media advertising, online advertising, press articles, media events and public relations to enhance marketing effectiveness.
- Brand management : Build and manage product brands to create loyalty and create long-term value. This includes determining the core value of the product, creating a logo and brand identity, managing the customer experience, and ensuring a consistent brand identity.
- Measure and improve : Use marketing performance measurement tools and methods to evaluate and improve product marketing strategies. This includes tracking KPIs, customer reviews, customer feedback and satisfaction to understand and enhance marketing effectiveness.
Product management requires attention to every aspect of the product from category management and product extension, product lifecycle management to product marketing and promotion.
Product portfolio management and product expansion:
- Product portfolio management involves identifying and managing all of a company or organization’s existing products.
- Product portfolio expansion is the process of creating new products to meet customer needs or reach new markets.
- To manage a product portfolio, a company needs to analyze the performance of each product, determine appropriate strategies, and develop new products.
Product lifecycle management:
- Product lifecycle management includes managing a product from the time it is developed until it is withdrawn from the market.
- The introduction phase focuses on product development and creating awareness among customers.
- The growth phase aims to maximize market share and profits.
- The maturity stage focuses on maintaining market share and enhancing product value.
- The decline phase faces a downturn and may require product withdrawal or redesign to rediscover the market.
Product Management Marketing:
- Product management marketing is the development and implementation of marketing strategies to promote and optimize the value of products.
- Identify target customers to focus on marketing and build appropriate marketing strategies.
- Use advertising and public relations to create awareness and build product image.
- Brand management to create loyalty and long-term product value.
- Measure marketing effectiveness and improve strategies based on customer feedback and measurement data.
Product management is a continuous and multi-faceted process, from determining the right product portfolio and product expansion, managing each stage of the product life cycle to implementing marketing strategies. marketing to promote and optimize the value of the product.
Product portfolio management and product extension are two important aspects of product lifecycle management and product management marketing. Product lifecycle management involves tracking and optimizing a product’s performance from development to retirement, while product management marketing focuses on promoting, marketing, and creating derive value from the product.
Product category management involves managing and classifying products in a company’s catalog effectively. This may include:
- Determine which products in the catalog need to be maintained, improved or eliminated.
- Allocate resources to develop and build potential products in the portfolio.
- Ensure that the product portfolio reflects the company’s direction and market needs.
Product extension involves developing new products or expanding into other product areas with the goal of growing the business. This may include:
- Research and analyze the market to determine demand and competitiveness before deciding to expand the product portfolio.
- Ensure that product extensions are consistent with the overall company strategy and are profitable.
- Coordinate promotional, marketing and distribution activities to effectively introduce new products and gain market acceptance.
For product lifecycle management, decisions related to product portfolio management and product expansion can greatly influence the product’s performance and success in the market.
