Five Approaches to Product Line Strategy

------=_Part_126660068_1015887010.1684519211778 Content-Type: multipart/alternative; boundary="----=_Part_126660069_1155751198.1684519211778" ------=_Part_126660069_1155751198.1684519211778 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 7bit ============================================================ MarketingProfs StrategicB2B Today Inside: The pros and cons of various product line strategies Read this issue on the Web. Just follow this link: ============================================================ You received this newsletter at this address ({EMAIL}) as part of your subscription to MarketingProfs.com, or because you subscribed to our newsletter. To ensure that you continue receiving our emails, please add us to your address book or safe list. 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All Rights Reserved. 1985 Riviera Dr, Ste 103-17 | Mount Pleasant, SC 29464 | (866) 557-9625 ------=_Part_126660069_1155751198.1684519211778 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable =20 The pros and cons of v= arious product line strategies=20 =20 &nb= sp; = &zw= nj; = &nb= sp; = &zw= nj; = &nb= sp; = &zw= nj; = &nb= sp; = &zw= nj; = =20 =09=09 =20 =09=09=09=20 =20 [3D"MarketingProfs] =20 =20 =20 May 2023 =20 =20 =20 =20 [3D"Your]= > =20 Product Line Strategy: Five Approaches= td> One of the main questions for anyone responsible for a company's marketing = strategy is how to manage multiple products (or services) for the future as= well as maximize product opportunities in the present. It turns out there are various approaches to solving that problem, whic= h makes it a not-so-easy strategic decision. I will briefly discuss each of= those in this article and highlight a few issues with each approach. The first, which is also the most straightforward, is to contin= ually monitor market trends. That is, keep track of and record mar= ket trends and customer feedback to ensure that your portfolio's products a= lign with the latest trends and customer demands. That sounds easy, but it takes a lot of time and resources to stay up o= n market trends, especially if they are always in flux. Also, obtaining and= analyzing reliable data from various sources can be challenging. A second approach relies on segmenting the market by benefits. When you take that approach, it becomes easy to differentiate your= products by market segment (or descriptors of who is in each segment). Tha= t way, you will gain clarity on how the entire portfolio of products fits t= ogether. This approach will also allow you to assess the size and growth of= each segment, giving you a longer-term view of managing your different pro= ducts. Unfortunately, however, most B2B companies instead rely on [vertical marketing](3D"h=)= >, the idea of which is to offer products and services specialized for cust= omers in a particular industry or vertical—which is not really segmen= ting a market. Thus, such vertical or category approaches to segmentation w= on't give you the perspective necessary for a straightforward approach to m= anaging a portfolio of products. A third approach relies on product life cycle management.= ng> In a previous article, I talked about [classic product life cycles](3D"=). That is, = you regularly examine your product portfolio and manage the product life cy= cle of each product to see whether they need updates, changes, or new relea= ses. So, imagine each of your products on a whiteboard with its own product = life cycle depicted. Some of your products will be at the introduction stag= e, others at a more mature stage. You can readily see how those different p= roducts need to be managed differently. Among the few problems with this approach is that not all products foll= ow the same life cycle: Although the product life cycle model helps measure= the performance of individual products, it may not accurately capture the = life cycle of every product a company sells. Some products may have longer = or shorter life cycles or may experience unexpected spikes in demand that d= o not fit neatly within the life cycle stages. [Read More υ= 8;](3D") =20 =20 =20 =09=09=09=09=09 [3D"Allen] CEO and Positioning Practice Lead, MarketingProfs Professor of Marketing =20 =20 =20 =20 =20 =20 =20 =20 [=3D"Marketing] Marketing Strategy: Benefits, Relationsh= ips, Competitors MarketingProfs CEO Allen Weiss will lead a full-day work= shop at the MarketingProfs B2B Forum on Oct. 4 to lay out the elements of m= arketing strategy that are the very foundations of your marketing and posit= ioning success. =09=09=09=09=09 You'll discover what market you're really in and how to use your brand's be= nefits to shape your marketing strategy; uncover business-essential relatio= nships to pursue and learn how to nurture them; and get practical tools to = analyze competitors (and yourself) when changes occur in the market. [Find out more = about the workshop here ►](3D") =20 =20 =20 =09 =09=09=09 =20 =20 =20 =09=09=09 =20 [3D"Marketin=] Marketing Strategy Friday Forum Tackling your strategy decisions is a balancing act. Wit= h so many new technologies, channels, and tactics, it can feel impossible t= o select, set up, and deploy an optimal combination for your marketing stra= tegy. This online event can help. Can't make it on June 9? Don't worry. Sig= n up and you'll receive on-demand access. [Sign up now! ►=](3D") =20 =20 =20 =09 =09=09=09 =20 =20 =20 =09=09=09 =20 =20 Resources =20 [3D"article"] [Recovering t= he Lost Art of Product Marketing [Article]](3D"=) [3D"podcast"] [Innovation a= t the Intersection of Art, Technology, and Product Strategy: Adobe VP Loni = Stark on Marketing Smarts [Podcast]](3D"=) [3D"Article"] [How and When= to Start Marketing Your Product: Four Steps to Follow [Article]](3D"=) =20 [3D"event"] [Six Primary = PLG Motions: What's Right for Your Business? (A session from the Marketing = and Sales Enablement Friday Forum) [Event]](3D"=) =20 [3D"article"] [The Whole Wh= ole Product [Article]](3D"=) =09=09=09=09=09 =20 =09=09=09=09=09 =09=09=09=20 =20 =20 =20 =09=09=09 =20 Your Strategic B2B Team Your team for this issue (in alphabetical order): Megan C= ordero, production director; Vahe Habeshian, publications director; Allen W= eiss, MarketingProfs CEO and B2B Positioning Messaging Consulting lead.= d> =20 =09=09=09 =20 =20 =20 [3D"Ma=](3D"=) Copyright © 2000–2023 MarketingProfs, LLC All Rig= hts Reserved This email was sent to {EMAIL} as part o= f your MarketingProfs subscription. If you prefer to no longer receiv= e MarketingProfs Strategic B2B Today, you can always [l= eave this list](3D"). =09=09=09 Did someone who cares about you forward this to you? [Subscribe here](3D=) to get your own copy. 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