Product Portfolio Checklist

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Product Portfolio Forming and Management:

• Create your main product’s PBS (product breakdown structure) to elaborate its functionality into a tree-like layout of specific features, functions performed, and associated benefits;
• Define your business strategy and identify future products (conceptual product profiles) to match current market opportunities and to intensify your company’s presence there;
• Configure this breakdown structure by developing and modifying its content anyhow in order to conceptualize existence of alternative products (by diversifying, disabling, simplifying or adding branches and items on the PBS);
• Identify several robust product configurations which make sense in terms of technology and business needs that you have previously determined (motivate the choice by matching certain product profiles predefined in terms of your business strategy);
• Consider your current production processes (used to manufacture the current set of products), and develop technical substantiations of possibility to utilize available platform for producing alternative products with similar physical and functional characteristics;
• Compose detailed technical specifications to manufacture products that will make up a group of affined products (so call product family or product line);
• Develop an investment plan to accomplish engineering and implement full-scale production of the whole variety of titles included into anticipated product family;
• Create the marketing justification of how the products in this family are going to share the market and how they are expected to win different customer segments to intensify the market presence of your company;
• Identify how the company’s available distribution channels will be utilized/shared to sell the product family, and which innovations should be established to improve sales approaches;
• Review pricing methods to define whether they need a revision. Develop the pricing model to cover the whole product family, and reach the optimal policy to maintain profitability;
• Anticipate promotional campaigns to introduce the leading one (or several products) to boost up recognizability of the whole family, and design a marketing mix which will enable you to increase customer awareness, brand and product recognition;
• Develop a combination of two or more product families to obtain a portfolio – this portfolio should be properly balanced in terms of the corporate strategy, adjusted to reach appropriate profitability rate, and should have sufficient potential for development;
• Control profitability of each product family within the portfolio to withdraw or reform any detrimental product families early (before they will decrease viability of the whole portfolio);
• Conduct your product portfolio triage from time to time  – make sure the most robust product families and lines are included, while all less profitable lines are continuously reformed and revised to be ceased or cardinally refreshed by technological modernization;
• Investigate the reasons why some of your product.....

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