Manage the products or services portfolio to maintain competitiveness

URN: INSMAR018
Business Sectors (Suites): Marketing
Developed by: Skills CFA
Approved on: 2021

Overview

This standard is about managing a portfolio of products or services to maintain competitiveness. It includes collecting and analysing performance data to identify trends and returns on investment. You assess the market share for a product or service and the stage of the lifecycle that a particular product has reached. You also assess the options and make recommendations for the management of the portfolio. You agree plans with stakeholders and implement them, monitoring and evaluating performance against the criteria and review them to respond to market changes. The standard is for marketing professionals who manage products or services portfolios to maintain competitiveness.


Performance criteria

You must be able to:

  1. collect performance data for products or services
  2. analyse performance data to identify trends and returns on investment
  3. assess the market share of products or services to identify associated trends
  4. assess the stage of the lifecycle that the products have reached
  5. review the distribution channels and pricing policies
  6. forecast potential future sales growth and market share
  7. assess the options and justify recommendations for the management of the portfolio
  8. present recommendations for the management of the portfolio to stakeholders
  9. agree plans with actions and timescales for managing the portfolio with stakeholders
  10. agree a budget for managing the portfolio with stakeholders
  11. implement the agreed plan for the management of the portfolio
  12. develop evaluation criteria to measure success
  13. agree the evaluation criteria with stakeholders
  14. monitor the performance of products or services against agreed plans
  15. evaluate the performance of products or services against agreed criteria
  16. monitor and assess the impact of competitor activities
  17. revise plans to respond to competitor activities
  18. follow the legal, regulatory and ethical requirements that relate to the management of products or services

Knowledge and Understanding

You need to know and understand:

  1. the methods of collecting and analysing performance data
  2. how to identify trends when analysing performance data
  3. the importance of returns on investment when analysing performance data
  4. the product lifecycle and how to assess which stage a product has reached
  5. the techniques used for forecasting sales growth
  6. the techniques used for forecasting returns on investment and market share
  7. the factors to consider when reviewing distribution channel and pricing policy
  8. how to develop plans for managing a portfolio
  9. the stakeholders involved in managing products or services and when to consult them
  10. the different strategies for managing a portfolio and the circumstances in which these might be preferred
  11. how to implement, monitor and evaluate performance of products and services against agreed criteria
  12. how to monitor and assess competitor activities and their potential impact
  13. the types of action that may be necessary to mitigate the impact of competitor activities and identify how to determine when they are required
  14. the legal, regulatory and ethical requirements that relate to the management of products or services

Scope/range


Scope Performance


Scope Knowledge


Values


Behaviours


Skills


Glossary


Links To Other NOS


External Links


Version Number

1

Indicative Review Date

2026

Validity

Current

Status

Original

Originating Organisation

Instructus

Original URN

CFAMAR22

Relevant Occupations

Marketing and Sales, Marketing and Sales Managers, Marketing Associate, Marketing Associate Professionals, Marketing Officer

SOC Code

3554

Keywords

Marketing, sales, marketing management, market research, advertising, public relations