If you work in product development, you may have come across model-based engineering or model-based systems engineering. But do you grasp the true idea behind these concepts? They are not actually brand-new concepts but have gained new momentum over the past few years. The driving force has been the need to design ever more complex systems of mechatronic products, and simultaneously making the products lighter, safer, more optimized, and more environmentally friendly. Technological advancements in engineering applications have acted as a catalyst.
Product Portfolio Management – The six Levels of Typical Products and Services Hierarchy
(This article is part of a series about Product Portfolio Management, Product Information Management, Product Master Data Management, and Ideal Commercial Product Management solution.)
Product Portfolio management is an analysis and decision-making process that aims to ensure the long-term growth and profitability of the company (Tolonen, 2016). Before going in-depth into product portfolio management, it is important to first understand the concept of a product portfolio and what it consists of. Therefore, our first article will concentrate on the typical products and services hierarchy as defined by Haines (2014).