The Product Portfolio Strategy Research Of LC Protective Products Co.,Limited

Considering the company long-term development and constantly changing market demands,a single product and product line cannot meet the requirements of company's long-term and sustainable development and the market's constantly updated product needs,and the company's product categories will inevitably become more and more abundant.Business managers need to combine corporate strategy with the company's product portfolio,because product portfolio strategy serves the realization of corporate strategy,and a good product portfolio is helpful to the implementation and execution of corporate strategy.The product portfolio is a very critical factor for a company to survive in the market.So doing research on the company's product portfolio strategy and optimization is particularly significant for the company's sustainable development.As a representative of a special protective product enterprise with technological innovation and a product that is too single,LC Protection Company needs to consider how to reasonably arrange the relationship between products and products under the condition of limited company resources,how to improve the length,width and depth of the product portfolio,and how to make reasonable use of the correlation between product portfolios to ensure a reasonable allocation of the limited resources of the company and the long-range development of the company.This paper is based on the marketing theory and the relevant theories of product portfolio strategy,committed to the analysis and research on the status quo of LC protection company's products and product portfolio,combined with LC' s macro environment,the company's internal environment,and the competitive environment and analysis of the main competitors to figure out the problems existing in LC company's product portfolio.These problems are : specifically manifested in the single product portfolio structure,smaller market size of product portfolio,weak competitiveness,high overall product portfolio prices,and lack of innovation in product portfolios.Then it is to find out the reasons from the problems.The specific reasons are: excessive reliance on existing product lines,relatively small special protection professional market,serious homogeneity and non-obvious differentiation,not popular in ordinary consumers' daily applications,and the high cost of adding new product lines.Starting from LC' s objective reality and customer needs,analyze and propose a corresponding product portfolio strategy optimization plan,which is specifically manifested in: to expand product portfolio by developing new catering-related stainless steel product lines and other material protection product lines,to optimize the depth of product portfolio by increasing the color of stainless steel ring mesh gloves and new varieties of stainless steel protective products,appropriately to reduce outdated ordinary wire mesh products and product categories with small market demand,to provide differentiated products for different countries and markets,to meet customer customization needs and encourage customers to customize packaging and products to increase customer stickiness,to adopt combined prices for product portfolios.On the basis of these six optimization strategies,the guarantee measures for LC company's implementation of these strategies are given,including cultivating LC company's professional management team,production team and marketing team,expanding LC company's brand influence and increasing sales channels.This paper takes LC protection company as a representative of a typical single product line,studies how to make an effective product portfolio strategy with its own special products features and special professional markets requirements in the face of complicated and constantly changing market environment,limited corporate resources,high degree of specialization in the market,and relatively small professional market,and hope that it will help similar companies in their operations.