Your organization’s product strategy is reflected in your product portfolio,
which may include any one of the following product classes:
- new to the world (radical, breakthrough, architectural innovations)
- new to your organization (you haven’t done these before but others have)
- product improvements or revisions
- additions or extensions to product lines
- cost reductions
- product repositionings.
Since you only have a certain amount of development dollars and human resources,
your challenge is to decide which projects to pursue and how to prioritize their developments.
This is more of a challenge if your organization is medium-sized versus small-sized where
only one or two product lines may be in the market.
You should be considering a number of factors including but not limited to the following:
- competitive challenges
- short term market demand/opportunity (reactive/cashflow issue)
- long term market trend (future competitiveness)
- alignment of new product technical requirement with core competencies
- geographic market extensions
- demographic market extensions
- first to market or fast follower strategy
- high rates of technical change result in decreasing product life-times
- the cost of product development increases with increasing technical complexity
resulting in the need to focus on a narrower product base.
Use our expert assistance to help you review your portfolio and provide a fresh perspective. Come and talk to us.
info@strategies2innovate.com
Read about other important product topics such as product superiority, product adoption
and product development process.
