Overview
Many factors of a business are dependent on its product mix. It is important to keep a portfolio of products at different stages of their lifecycles to ensure the ongoing health of the business. All products go through a life cycle from their introduction through to maturity and then replacement. Businesses need to periodically review their product mix and offerings, and this should be done before the market forces them to do so. Think about the products you see on the shelves at the supermarket and how they have changed or been renewed over the years. Some once-familiar products no longer exist, while others have been modified to maintain interest and extend their lifecycle. Only by refreshing, reviewing and renewing the product mix do we ensure the growth of our businesses and their continued profitability. With increasing speed to market and globalization product lifestyles can be very short; once-profitable products may need to be replaced in a significantly shorter time than in the past.
What We Do
A review is carried out of the product range. A review is carried out of alternative products (both direct competitors and possible alternatives). Customer research into the status of each product is carried out, physically and/or by using electronic methods so a greater volume of feedback can be gathered.
Your Outcomes
	Know the position in its life cycle for all of the business’s existing products.  Identify the weaknesses in the range through market research, and the suggested candidates for new product propositions.  Know which new product propositions should be pursued further, their market need, development costs, timing, and risks (both of implementing and not implementing).  Determine which, if any products should be discontinued with rationale, timing, consequences on customers and benefits to the company. Set out the responsibilities for approval and implementation of products to be discontinued and those to be developed and introduced.