You should also factor in your new product development (NPD) schedule too. The Product Life Cycle analysis together with the Boston Consulting Group Matrix will already be giving you clues as to which products need your attention. As sales rise or decline you need to take action - proactively manage the rise or decline.

Remember that your NPD should include both evolutionary and revolutionary product development.

Evolutionary product development is product tweaking - adding a bit more, taking something away from an existing product to extend it's life and profitability. Perhaps something as simple as a change of colour to match this years fashions colour.

Revolutionary product development is radical, something completely different. This may be borne out of your R&D department, may be triggered by a technology change or the availability of something that wasn't possible a few years ago.

Just like fashion, technology is fickle too and advances in these types of products can often go at hyper-speed. So, the question in, can you keep up?

To avoid any new product launch disasters, it's essential that you predict the trends as early as possible and get to market at the right time with the right product.

Pharmaceutical products have a 15-year NPD cycle, whereas a new laptop may only have around 90 days before it is superseded with an updated version. Ask yourself: how long is your NPD cycle, be it evolutionary or revolutionary? Also, be clear about your 'problem' products and those in terminal decline - don't wait until it's too late.