The survival of any industrial organization depends on whether producing goods or services hinge on how innovative they have become in managing their product portfolio to craft new products that changes with the ever-changing tastes and needs of their customers. This study delves in to the models and theories that drive product portfolio management practices in a way that they support the successes of new product development. Our review is based on selected studies at the frontier of product management, summarized, and compared based on authors experiences, subsisting models, and theories with the results purely based on qualitative rather than quantitative approaches. The essence is to explore possible new theory or model in this field of research.
product portfolio management new product development best practices