Product Management
The product management comprises of two crucial aspects:
a) Managing the existing Product Portfolio
b) Managing New Product Introductions
a) Managing the existing Product Portfolio
The modern consumer is spoilt for choices and organizations have to improvise continuously in order to keep an optimal product portfolio catering to the market dynamics. However, this brings us to the question of how to define what the right mix is and ensure profitability at the same time.
We at Beacon have devised an SKU Optimization Framework which helps to optimize profitability, service levels and competitiveness
It addresses the following key issues:
- Product proliferation leading to declining profitability of brands
- Rationalizing the SKUs by focusing only on historical financial performance
- No clear way forward to address the root cause of declining profitability
Our solution focuses on:
- Identifying and understanding the fundamental internal and external drivers
- Keeping right products in portfolio, define right processes and methodologies
- Aligning the SKU optimization process with P & L Bottom Line impact
Key differentiators of our Approach
- Optimization approach based on six Key Success Factors (KSFs)
- Product attributes aligned to business requirements
- Multidimensional segmentation of product portfolio
- P & L Impact built from granular level SKU action plans
- Pre-built tools and accelerators customized for fast deployment
- Extensive training and expertise in using statistical tools and methodologies
- Advanced reporting and dash boarding capability