Product Matrix – product range optimization method

Product Matrix is a simple method for optimizing the product range of a company and defining the products’ main features – a method that can both save a lot of money and increase sales. In this article, I’ll describe what a Product Matrix is and how to use this method.

The problem

What products should we develop next? This is one of the major questions that PDD companies keep struggling with. Should we make a rich featured product or a light version? Should it be an expensive or cheap one? New product or new series? These are all crucial questions that bother any PDD company, and they are questions with enormous impact on the entire business.

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How to implement Product-Design Driven Strategy

Product-design driven (PDD) companies achieve their advantage mainly through innovation and high quality product design. A company does not become a PDD company by chance, nor by high quality product design capabilities. PDD is a strategy. Like any other business strategy, it should be built from the top down and it requires vision, plan, budget, and execution. In this article, I’ll shortly describe the 10 main conditions and actions required for implementing a PDD strategy in a company.

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What is Product-Design Driven Strategy?

The four P’s Strategies

Business and marketing strategy is perhaps one of those things that differentiate leading companies from others. Successful companies tend to adopt one of the four strategies known as the four P’s – price, promotion, place, and product, as a main strategy, to run and grow their business. Let’s see how these strategies work for companies that sell (physical) products.

The price strategy is about attracting customers with good prices, by selling at lower price than competitors. This strategy is common in commodity product markets or among companies that bring production efficiency to its highest levels (IKEA). Big quantities and efficiency are prerequisites to succeed with this strategy.

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