Product line management is a strategic business process that involves the planning, development, and marketing of a range of related products offered by a company. It encompasses the activities necessary for effectively managing a portfolio of products within a particular market segment or industry.
The primary goal of product line management is to maximize the revenue and profitability of a company by strategically expanding, modifying, or retiring products within a specific product line. This involves assessing customer needs, researching market trends, and understanding competitive dynamics to determine the direction and scope of product offerings.
The process of product line management includes various activities such as product planning, development, pricing, and promotion. It requires a deep understanding of customer preferences, market demands, and technological advancements to create a product line that aligns with the company's overall strategy and objectives.
Effective product line management also involves analyzing the performance and profitability of individual products within the line and making data-driven decisions to optimize the overall product mix. This may include introducing new products, improving existing ones, or discontinuing underperforming products.
Overall, product line management is a critical function that enables companies to meet the diverse needs of their target market, stay competitive in their industry, and drive growth and profitability by effectively managing their products.
