Guided by the company’s mission statement and objectives,management plans its business portfolio, or the collection ofbusinesses and products that make up the company. The firmwants to produce a business portfolio that best fits its strengthsand weaknesses to opportunities in the environment. To do this,it must analyze and adjust its current business portfolio and develop growth and downsizing strategies for adjusting the futureportfolio. The company might use a formal portfolio-planningmethod. But many companies are now designing more-customizedportfolio-planning approaches that better suit their uniquesituations.