A product portfolio consists of all the products an organization owns. A product portfolio can comprise different product categories, different product lines, and finally, the individual product itself. Management is necessary at all three levels of a product portfolio. You need managers to manage individual products, manage product lines, and finally, top-level management that oversees the entire portfolio.
Minerva allows you to create one or more product portfolios according to your needs.
Product Portfolio Management helps you make better resource allocation, marketing effectiveness, and product strategy decisions by providing an overall picture (both current and projected) of the market positions (both absolute and relative) of each of your products.
Product portfolio management is very important.
Regular and meticulous portfolio management will help you:
Maximizing product value: Different products contribute differently to your company's bottom line. Is your product portfolio currently structured to contribute as much as possible? Will it continue that way for the next few years?
Defining the optimum product mix: A portfolio encompassing multiple market segments, product categories, and technologies helps protect your company against market changes. Investing returns from existing products into long-term products helps balance your company's returns over time. Established, low-risk products help offset risky ones.
Internal strategic alignment: If your product portfolio doesn't support your broader business strategies, priorities, and goals, your company's success is at risk, both today and in the near future.
Proper resource allocation: Companies have limited human and financial resources. Investing in the right products has an immediate and significant impact on profitability.