The total range of products or brands produced by a single business. Most firms sell more than one product or product line at one time. Each will have its own life cycle, different in duration, each starting at a different time. Not all of them will be of equal importance. This collection of products is known as the product portfolio. Ideally, firms should aim to arrange their product portfolio to ensure products pass through different stages of the life cycle at the same time and, thus, balance growth, cash flow and risk. This is to prevent a situation where all profit earners enter the decline stage, at the same time, putting the entire business at risk.