For multiple new products, the task is identifying those new products that maximize success and margin relative to each other (as shown below with the size of the bubble indicating net present value of the margin opportunity), while maintaining sufficient risk in the portfolio to achieve strong future growth.
Product Life Cycle Planning
The business management of products in the life cycle deals with measuring and ensuring sufficient products are in the pipeline and identifying when to sunset products. However, the operations side deals with processes, resources and tools to do the actual management of the life cycle process.
In order to assess the product life cycle, it is necessary to determine where a product is within the life cycle (see chart below) as well as key metrics (see examples). However, the product life cycle is really about products (and not brands), so it includes all like products in a product category (e.g. direct substitutes).