In the second stage of the S&OP process, we take a closer look at product planning and review. This is an important step in ensuring that your business is making sound decisions about its products. We’ll discuss the product review process, including brand strategy and portfolio planning, inputs and outputs, and who is involved in the decision-making process. We’ll also talk about product lifecycle management and how to ensure your products are successful in the market.
Inputs and outputs are a key part of product review. Inputs include customer feedback, market trends, competitive analysis, and product testing. Outputs include sales projections, pricing strategies, production schedules, and marketing plans. By understanding these factors, companies can create products that meet customer needs while maximizing their success.
Product Portfolio Planning Inputs
Product portfolio planning is a key part of the S&OP process and involves an analysis of business strategy, demand and supply plans, product mix, performance, new product introduction pipeline, and phase-outs. It also considers marketing activities for key customers and channel partners. By understanding these inputs, businesses can better plan for market success and give products the best chance of thriving.
Product Portfolio Planning Outputs
The outputs of the product portfolio planning process include a list of products or services with associated performance metrics, strategies for managing current and new products, and marketing activities. These outputs are essential to understanding what is working and what needs improvement. They also provide insights into customer preferences, industry trends, and other factors that can impact product demand.
Who is Involved in the Decision-Making Process?
The decision-making process for product planning and review typically involves various stakeholders. This may include the S&OP team, business unit managers, product marketing teams, sales teams, and other key personnel. Each team member brings unique expertise and insights to the process. By incorporating diverse perspectives, companies can make better, data-driven decisions.
Product Lifecycle Management
Product lifecycle management is an important aspect of product planning and review. This involves understanding the lifecycle of your products from concept to launch and retirement or phase-out. By comprehending the different stages, companies can maximize profits and minimize risks. Effective lifecycle management includes analyzing customer needs, market trends, pricing strategies, and competitor positioning to create valuable products for customers.
Conclusion
By understanding the inputs, outputs, and stakeholders involved in the decision-making process, companies can create successful products that meet customer needs. An understanding of product lifecycle management and market trends also helps maximize profits and minimize risks. Roundhouse by Simplement enables global organizations to access and leverage their SAP data to meet KPIs and create data visualizations that support informed decision-making. Simplement is committed to making SAP data useful so that organizations can efficiently manage their product portfolios, allowing them to stay competitive in today’s fast-paced business environment.
