Last time I presented the following product line scenario and presented the first of three steps I would pursue to address them. You can see steps 1 & 2 here:
Now let’s proceed to the third step.
You are a Product Manager of a company with products that have high market share and margin, in a niche market. The five core product lines have undergone very little change in the past decade yet still hold very high share. Competition has been small, but is growing quickly.
The company has strong relationships with the top Original Equipment Manufacturers in the marketplace, but is not yet seen as an innovator of new products. These top customers have entered a long product development cycle with emphasis on new product innovation instead of the typical incremental changes that typified the past 10 – 15 years.
Your Main Goals are:
1. Creating strategies to maintain share in the core lines, while introducing the next generation products
2. Conducting research that will lead to proposals for new innovative products
3. Exploring avenues to introduce current or new products to adjacent markets
What would be your second major step in the above scenario?
In no particular order, I would:
- Compile the data
- Synthesize the data to determine several options
- Review the options with cross-functional team
- provide team with all details as requested
- Present best option to leadership
- Include a series of recommendations for implementation