What is Product Line Strategy?
A product line strategy is a coherent approach that focuses the work and decisions that seeks to advance related products. It guides managers to improve the performance of their products and services, and to avoid disjointed actions and investments. A smart strategy will work across products to gain greater customer satisfaction while maximizing total income and fending off competitors. And it does this in the near term and over the long run.
Good product line strategies help manage many interrelated challenges. The challenges fall into three groups. The first is product creation and development. The second group is leverage and alignment. And the third group is in-market management.
Product Line Strategy genius matches bundles of technologies to bundles of customer needs. The key, though, is to do so over time and repeatedly.
To form a product line strategy, managers must think beyond a common single-product mindset. Instead, they must coordinate how multiple products relate to each other and to different market segments. This may challenge the existing practices many companies worked diligently to set up. But when well-orchestrated, a product line strategy approach complements older practices and the results can be brilliant.
How a strategy gets carried out is best communicated through a product line roadmap.Â These are different than single-product roadmaps and require teams to think through how they intend to coordinate many activities related to technologies and markets.
Learn more at The Profound Impact of Product Line Strategies