In my previous post, I shared how important it is to collect customer feedback to build a strong product portfolio that results in a solid product strategy. A winning or strong portfolio is where you have various products to offer to different customer needs & preferences.
For example, SAMSUNG who makes smartphones would have different product models like Galaxy M series for budget-conscious customers, Galaxy S series for value buyers, Galaxy A series, S series, and Z series for their mainstream and premium product range which offer better features.
Likewise, Hyundai will have different cars in each of their hatchback, sedan, and SUV range (from economy to premium) to cater to different customer needs & segments. So, having a portfolio that can cater to different customer segments can help get the maximum market share of the company.
In this context, it is important to note – since Hyundai understood the different needs and preferences of Indian customers it was able to get a higher market share in the last 25 years, whereas Ford India which also launched its first car in 1996 couldn’t understand customer preferences and lost out in the market.
Hence you need to get your product strategy right & most importantly put consumers at the center of decision making!
Thoughts on Product Management 