Determine selling priorities across a portfolio of products and services
Overview
This standard is about determining selling priorities across a portfolio of products and services. These priorities are based upon an understanding of on company strategy and operating goals. It includes assessing the products and services within the portfolio to identify which might be retained and developed, as well as any risks and vulnerabilities associated within the portfolio. This standard is for senior sales professionals with responsibility for managing a portfolio of products and services.
Performance criteria
You must be able to:
1. identify the range of products and services within the portfolio
2. establish the profile of the products and services within the portfolio
3. identify the profitability and sustainability of the products and services within the portfolio
4. identify strengths, risks and vulnerabilities affecting the products and services portfolio
5. determine products and services with a sustainable competitive advantage
6. research the size of markets at which the products and services are targeted and determine factors impacting upon their growth and development
7. analyse customer buying decisions affecting the range of products and services
8. identify inter-relationships between the different products and services within the portfolio
9. identify and establish those products and services which should be retained and developed, as part of the most profitable customer-products mix
10. consult internal colleagues and external stakeholders on portfolio of products and services
11. collect consultation feedback and implement it into development of products and services
12. develop the business case for the portfolio of products and services and secure its sign off
13. ensure sales plans are consistent with product sales strategy
Knowledge and Understanding
You need to know and understand:
1. the current legal, regulatory and ethical requirements in relation to marketing and sales of products and services
2. your organisation’s marketing and sales strategies relevant to the portfolio of products and services
3. your organisation’s existing and potential customer base for the products and services
4. your customers’ buying decisions relating to the products and services
5. the types of inter-relationships that can occur between products and services within a portfolio and how these can impact upon the buying decisions of customers
6. your organisation’s competitors and the key features of their strategies and plans
7. the factors to be considered when reviewing the profitability of products and services, and how they demonstrate value
8. how to identify potential risks and vulnerabilities within portfolio of products and services
9. how to develop strategic objectives, actions, accountabilities and associated budgets and forecasts for development of products and services
10. the tools and techniques used in analysing profitability and sustainability of the products and services within the portfolio
11. how to develop contingency plans to address risks and changing circumstances
12. the processes of consultation with colleagues and stakeholders during the review of a portfolio
13. how to make a business case for the development of products and services
14. the amendments to the organisation’s objectives, the investment required and the forecast return on investment
15. how to co-ordinate the development and marketing of products and services which offer the best return on investment
16. how to monitor demand for the products and services and to adapt them in response to variances in demand
17. the methods of monitoring how products and services are priced, promoted and distributed, in response to feedback from existing and potential customers