Product Portfolio Management In The Transition To Smart Lighting

Technology is transforming lighting more rapidly than at any time since the invention of the incandescent bulb.As LED technology changes the basic economics in lighting and as smart lighting system create new opportunities,the products are becoming more with complex systems that combine with hardware,software,data storage and connectivity in all kinds of methods,lighting players across in the industry must rewrite their playbooks.Unexceptionally,the lighting industry is also undergoing a transformation to being a connected smart system and expected to see huge growth in the next years.The growth of connected units will have a big impact on the lighting industry.The dynamic change would be highly related to the new product development and product portfolio management.Long-established companies face a challenge in maximizing returns from their existing conventional business while making the leap to develop products based on newer technology.Reliable profits form that existing business can provide a critical funding source for investing these newer LED products and services.And established players and new entrants must make sure that they understand customer demands and build up the product portfolio that reflect the advantage of rapid changes.Being as one of the global lighting market leaders,PL Home Lighting has been on leading position in the industry from the transition of conventional lighting to LED,now turning to smart lighting,PL Home Lighting also needs to adapt its portfolio management according to the market trend.A product portfolio of the business is seen as a reflection of the realized strategy of a company,based on a case study of PL Home Lighting,the thesis aims of this study is to present the current challenges and impacted factors related to smart lighting including product life cycle,Porter's five forces model,then approaches the product development and product portfolio management from a more comprehensive viewpoint by the combined application of BCG Matrix and GE Matrix as well.