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:
- collect performance data for products or services
- analyse performance data to identify trends and returns on investment
- assess the market share of products or services to identify associated trends
- assess the stage of the lifecycle that the products have reached
- review the distribution channels and pricing policies
- forecast potential future sales growth and market share
- assess the options and justify recommendations for the management of the portfolio
- present recommendations for the management of the portfolio to stakeholders
- agree plans with actions and timescales for managing the portfolio with stakeholders
- agree a budget for managing the portfolio with stakeholders
- implement the agreed plan for the management of the portfolio
- develop evaluation criteria to measure success
- agree the evaluation criteria with stakeholders
- monitor the performance of products or services against agreed plans
- evaluate the performance of products or services against agreed criteria
- monitor and assess the impact of competitor activities
- revise plans to respond to competitor activities
- 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:
- the methods of collecting and analysing performance data
- how to identify trends when analysing performance data
- the importance of returns on investment when analysing performance data
- the product lifecycle and how to assess which stage a product has reached
- the techniques used for forecasting sales growth
- the techniques used for forecasting returns on investment and market share
- the factors to consider when reviewing distribution channel and pricing policy
- how to develop plans for managing a portfolio
- the stakeholders involved in managing products or services and when to consult them
- the different strategies for managing a portfolio and the circumstances in which these might be preferred
- how to implement, monitor and evaluate performance of products and services against agreed criteria
- how to monitor and assess competitor activities and their potential impact
- the types of action that may be necessary to mitigate the impact of competitor activities and identify how to determine when they are required
- 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