Is It Ok To Include Vlog Style Videos In Portfolio The Product Portfolio Matrix

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The Product Portfolio Matrix

The matrix, developed by the Boston Consulting Group, divides products into four categories, where “star” products are those that have a significant share of a rapidly growing market. Cash cows generate funds that can be used to support stars, or perhaps turn troubled kids into stars if circumstances permit. “Dogs” are clear candidates for product elimination, but some of them together can still provide useful returns provided investments are kept to a minimum.

Product modification

The basic concept of the product life cycle involves the need for a planned sequence of products. However, often the better alternative is to modify the product in such a way as to extend its profitable life. Technological products such as computers can achieve this by using new microchips to provide additional functions or “add-ons” such as additional memory. Detergents are examples of products that have been around for many years, but their profitable life has been extended by numerous, often minor, changes at frequent intervals to the product itself (temporary changes to the basic formula, as well as additives to provide additional desired properties). ). Over a long period of time, the product has become completely different from what it was at first. The new product was created through evolution, not revolution.

A mixture of products

Another result of the product life cycle is that few companies can rely on just one product. In most cases, it is necessary to offer a series of goods that form a product range. In some situations, however, a marketing organization will be forced to have a range of products rather than just one. For example, it is almost impossible to imagine a shirt manufacturer offering only one type of shirt. It is almost forced to offer different sizes of collars and a choice of different patterns and colors. If we drag this process too far, we will have an almost impossible and extremely uneconomical task. Funding and inventory control are just one of the challenges that arise from a very wide range of products, so a decision has to be made about where to draw the line.

Continuing with the shirt example, we need to decide how many different fabric patterns to use and how many different colors for each pattern. Can we offer fitted shapes as well as full styles? Can we offer different styles of collars as well as different models? Every time we add one element of differentiation, we can add twenty or thirty additional products to our range.

On the other hand, a manufacturer that chooses to save on research and development, production, storage and distribution costs may find itself in trouble for other reasons. For example, sellers of electrical appliances often prefer to buy a variety of goods from one supplier rather than deal with many. One advantage is that they can get better quantity discounts. A supplier with a narrow range of products is then at a disadvantage. An example of an in-depth range would be a car manufacturer offering one car model with the same body shape and basic technology, but offering a wide range of powertrains, colors and trims, as well as additional options. A car manufacturer with a wide range would offer more models, but each would have a much more limited selection of colors and options. There is no fundamental reason why the range of products should not be both broad and deep. In general, you need to make compromises.

There are, of course, a number of product attributes that must be determined as part of a product mix decision. Here are some of them:

A. Product size

In the case of household detergent, for example, or packaged food or garden fertilizer, how many sizes will be available and what sizes should be made? In some countries, people buy many household goods in 1- or 2-kilogram packages, while in other countries, much smaller packages are standard, although they are moving to larger package sizes. Should the manufacturer offer these larger family packs in addition to the ones they already have?

B. Packaging

You need to decide on the style of the pack. Should we have cardboard boxes, plastic barrels, glass jars, or a choice of two or more? A package can perform a number of quite different functions, including the following:

1. Protection. Fragile products (glassware, delicate equipment, many foodstuffs) need packaging that will resist crushing during transport or withstand shocks during transport. Others need protection from pollution, dust, light, heat and many other conditions;

2. Identification. Distributors and retail customers need to be able to easily identify a product, especially if there are many competitors (eg cigarettes) or many varieties (eg car accessories;

3. Display. Both individual packaging and “outer” can contribute to distinguishing the display in stores or in cash and transport warehouses. Increasingly, there is little room for display items per se, and bundles often have to do the job. At the same time, the packaging can convincingly convey the brand image;

These requirements may have different emphases in different parts of the country or in different types of outlets. What factors should be prioritized and how many different packages would be needed to meet the minimum requirements?

C. Presentation

Should the product be packaged and presented in stark simplicity or with excess and detail? What will be the effect on the price and should we choose one of the available options or offer the customers a choice? In some industries, manufacturers offer a wide range of brands that represent small variations of the same basic product. Cigarettes are a prime example. Each manufacturer has a wide variety of brands that will vary in taste, size, tip or no tip, coupons or no coupons, packaging style, and other ways. Each of these changes represents an additional position in the product mix, and the product mix must be carefully designed to appeal to the maximum number of customers with the minimum complications of production, marketing and distribution.

D. Product differentiation

One of the challenges that marketing organizations face is that they very rarely have exclusive rights to a particular product. On the other hand, it is obviously desirable to be able to offer customers something unique that is clearly different from everything else on the market. How can you do that with a product that is essentially exactly the same as everyone else’s? There are many answers to this, but brand image, packaging, and all of the above are ways that such product differentiation can be achieved. It is important to note that these are often key elements of the competitive struggle.

We might expect competition to take place primarily on price, but there are two good reasons why this is not the case.

First, competition primarily on price can lead either to all competitors in a particular market eventually coming back at the same price (ie, again no choice for customers) or to price competition, with detrimental results for some, or perhaps all, competing companies. Secondly, the price is only one of the factors influencing the customer’s choice. Customers will not always look for the cheapest product that will meet their needs. They may be perfectly happy to pay a little more, even sometimes a lot more, for a product packaged and presented in a way that appeals to their sense of visual appeal or simply their sense of satisfaction.

Hence, research and development is aimed at finding subtle product differences that can give one product an “advantage” over others. Cigarettes with tips, more tobacco or coupons; seeds in “harvest fresh” packaging or made into granules to facilitate sowing; ready-made chocolates in gift packaging; these are all examples of product differentiation. At the same time, advertising and presentation can achieve similar results by creating a different brand image that offers greater appeal to more people.

Source: http://en.articlesgratuits.com/the-product-portfolio-matrix-id1561.php

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