Product Portfolio Management (PPM) is a strategic approach to managing a company's entire range of products and services. It involves evaluating, prioritizing, and optimizing the allocation of resources across a company's product offerings to maximize their value and achieve business objectives. PPM helps organizations make informed decisions about which products to invest in, maintain, or retire, ensuring that the product mix aligns with the company's overall strategy and goals.
Product Portfolio Management encompasses several key components that help organizations make informed decisions about their product offerings. These components include:
Implementing a robust Product Portfolio Management process can provide several benefits to organizations, including:
To effectively implement Product Portfolio Management, organizations should consider the following best practices:
In conclusion, Product Portfolio Management is a critical aspect of a company's overall strategy, helping to ensure that the product mix aligns with business objectives and maximizes value. By implementing PPM best practices, organizations can improve decision-making, increase revenue and profitability, and enhance their competitive advantage in the market.