The first best practice for managing a company's product portfolio is concentrating on its strategy and ensuring that the product lines are aligned with it. When the existing product lines were first formed, this best practice was most likely an integral element of the product creation process. On the other hand, current product lines must be evaluated regularly to ensure that they remain aligned with the organization's strategic goals.

Another best practice for managing existing product lines' product portfolios is to analyze product performance regularly. This information can aid you in determining when and how to make product line changes, particularly when considering new product development.

What factors do you consider when deciding on a product portfolio strategy for existing product lines?

Investing in product management roadmap software that incorporates product portfolio assistance is an excellent method to assist you in determining your best strategy for existing product lines. Product management software may help any company manage its existing product lines more successfully and efficiently. The finest product management roadmap software will have a pleasing user interface, intuitive features, tool integration capabilities and be within your budget.

Analyzing the success of a product line is the first step in determining your product portfolio plan for an existing product brand. What is the current market performance of the existing product line? Is there a declining or increasing trend? Analyzing the recent version of your existing product lines will assist you in making decisions for your new product lines.

What Are Product Portfolio Management's Goals For Existing Product Lines?

The primary goal of product portfolio management for existing product lines is to assist a business in balancing risk and growth. Existing product successes, dangers, and future growth potential will be evaluated as part of a comprehensive portfolio management plan.

Another essential goal of product portfolio management is to ensure that human and financial resources are deployed to current product lines effectively and efficiently.

What methods have companies found to be the most effective in achieving their portfolio goals for existing product lines?

Financial, scoring and rating, and project portfolio management are the three main approaches corporations employ to achieve portfolio goals for everyday items. The most widely utilized methods are financial ones. Ratios are used in economic systems to compare the resources required to the return received on current product lines.

A product's present value, the likelihood of future success, development cost, and predicted commercial value could all be used to score it. Another criterion could be how well the product aligns with the company's goals and ambitions. In this sense, product portfolio managers' ratings and rankings are influenced by their human perspective.

Leading a team to achieve project goals while working under particular limits is what project management entails. Portfolio goals are a complex project that typically requires a team of professionals from both management and marketing professions. Product lines will achieve company goals with the support of effective project management.

Want to know more about how to manage disruptive products, head on to our blog on Best Practices for Disruptive Products.

If you are looking forward to building a career in product management, click here.