A portfolio is a collection of assets or products owned by an individual or business. The assets could be financial investments, real estate, art, or even a company's products. A product portfolio can be a range of products owned by a company that caters to different market segments.
Product Portfolio Analysis involves the evaluation of a company's products or services to determine their market fit and profitability. It helps the company to identify underperforming products and focus on high-performing products. This analysis aids in making informed decisions concerning which products should be continued, discontinued, or introduced in the market.
Brand positioning strategy refers to how a company positions its brand in the market. Companies may have multiple brands under their portfolio, and each brand may require a different brand positioning strategy to appeal to its respective target audience.
Market share growth tactics involve strategies that companies employ to increase their share of the market. These strategies include product diversification, expansion into new markets, acquisitions, and competitive pricing.
Competitive benchmarking research is useful when analyzing a company's product portfolio. It involves researching a company's competitors and comparing their products' features, prices, and performance with that of the company's products. This research helps companies identify areas where they can improve their offerings and make them more competitive in the market.
A product development roadmap is a plan outlining the steps needed to develop new products or improve existing ones. It includes identifying new product opportunities, conducting market research, determining customer needs and preferences, developing prototypes and conducting testing before launching new products into the market.
Having a good understanding of your business’s portfolio is critical for success. Employing effective strategies such as Product Portfolio Analysis, Brand Positioning Strategy, Market Share Growth Tactics, Competitive Benchmarking Research, and Product Development Roadmaps can help businesses optimize their portfolios and gain a competitive edge in their respective markets.