“…5) deciding when to launch new products and dis continue unprofitable ones, etc. The afore mentioned list of issues requires substantiation of the process of managing the product range of an enterprise [2,12,15]. Several strategic managerial decisions must be made prior to beginning a program to develop a product range, including selecting a product and market development strategy, a product strategy (focusing on the concept of undifferentiated, differentiated, or concentrated marketing), a competitive strategy, researching a market niche, differentiation, cost leadership, and choosing attractive strategic business areas [11,14,17].…”