Creating the optimal category mix is increasingly important for the business. On one hand, extending the product portfolio can jeopardize the focus on the existing core business. On this note, if we are moving into new markets, which we do not necessarily have extensive knowledge about, can we risk that our efforts are too limited? Furthermore, how to assess when a product category is too far away from the core business area to be of interest to the company? The focus will be on handling these problems, and also how to mitigate the inherent risks of being dependent on a few products. Additional focus will be on managing key products while introducing new product categories.
SPECIFIC ISSUES AND KNOWLEDGE NEEDED TO MAKE DECISIONS
- How do we maintain market leadership in our existing categories, when adjacent categories might enter our category?
- Can we increase the turnover ratio of new, profitable products? How is the entire innovation handled best?
- Should we develop new products on our own, or should we do it via partnering?
- What are the criteria for upcoming product category expansions?
- Small changes can make existing products service entirely different markets – should this be done, or should the current focus be maintained?