164 10.4 Product Portfolio Management
Learning Objectives
- Define the product portfolio and explain its use in marketing
- Identify marketing strategies and tactics used to achieve portfolio objectives
- Explain why new products are crucial to an organization’s success
- Explain product portfolio management and how it relates to the organization’s marketing strategy and tactics
Our last example showed the importance of marketing a diverse set of products and using new products to gain a strategic advantage. Defining and managing this collection of products is called product portfolio management.
Think of an artist’s portfolio. The artist will use their portfolio to display a range of work. They will try to select works that showcase their strengths in different areas so that someone reviewing their portfolio can see the range of different things they can do well.
Similarly, a product portfolio requires diversity in order to be effective. In this module, we will talk about what the product portfolio is and how a marketer can use the power of a product portfolio to achieve marketing objectives.
Learning Activities
- Reading: The Product Portfolio
- Reading: Achieving Portfolio Objectives
- Reading: New Products in the Portfolio
- Self Check: Product Portfolio Management