A product line consists of many similar products defined by its functions and customer market while short product line consists of fewer related products. A product line refers to a unique product a company offers.
For example, a company dealing in just dairy products has more consistency than a company dealing in all types of electronics. Consumer Goods — Items that are used directly by the end user such as food, clothing, cars, etc, Consumer Services — Services that are for the benefit of end users directly such as education, courier services, grooming services, etc.
The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale.
Pricing Place With the application of the Internet, place is playing an increasingly important role in promoting consumption since the Internet and the physical channels become virtual.
This can be a physical item, a service or a virtual offering. Combination of all these product lines constitutes the product mix.
Both tangible and intangible goods and services can be further defined and divided into the following groups: Or your product lines may be vastly different, such as diapers and razors.
A brand can be revamped or re-launched to remain relevant in a changing market or at the end of its lifecycle. Through a definition of the product features and benefits, the rest of the marketing mix elements are determined and agreed upon.
It is the actual item which is held for sale in the market. However, over time, the company may want to differentiate products or acquire new ones to enter new markets. Here are some indications of adapt the product element on the Internet. June 1st, by Maximilian Claessens.
As a result, when a company is making strategy for Internet marketing, it is necessary to understand how to vary their products in the online environment.
The total number of products sold in all lines is referred to as length of product mix. Building the whole product: What will be the final features of the product? Bowman suggests implementing seven service marketing principles which include value, business development, reputation, customer service and service design.
Certainly, these four product mix decisions are interrelated. But any additional features or strong branding can offer a better product. The Breadth of a product mix shows the different kinds of product lines that firm carries. For example, a psychological counseling could offer online consultation via video calls.
There are very few products that have no clear competition in the market. Product Mix decisions — Width, length, depth and consistency was last modified: The product lines may range from one to many and the company may have many products under the same product line as well.
When they arrive at the stores aiming for the promoted products, they often end up buying additional products at their full prices. To be precise, the product mix is one of the most critical instruments the company has. The company needs not only to identify an USP, but also to clearly communicate this to the potential audience so that it is understood why the product is superior to other similar ones.
Branding is another important feature for a product. Within this mix are Product lines which are closely linked groups of products. A diversified product mix can target the maximum number of customers, however, such numbers of product lines requires much attention and focus as each product line targets different groups of consumers and involves individual strategy and management.
Breadth, Length, Depth, and Consistency. Trading down may reduce your brand equity by gaining short-term sales at the expense of long term sales. Product mix, also known as product assortment, is the total number of variety of products that a firm sells to their customers.
They may also add to their lines similar products that are of higher or lower quality to offer different choices and price points. For instance, Colgate carries several different brands within each line.
Services are also intangible products but they are the result of an economic activity that does not result in ownership. Through the form of digital, a product can be directly sent from manufacturers to customers.If a company has 4 product lines, and 10 products within the product line, than the length of the product mix is Thus, the total number of products against the total number of.
The marketing mix is a tool that is made up of four unique but interconnected and interdependent variables. These are called the 4P’s and are product, price, promotion, and place. These four components help determine a clear and effective strategy to bring a product to market.
Product mix. In marketing, the number of product lines offered is referred as the width of product mix.
Product mix, also known as product assortment, is the total number of variety of products that a firm sells to their customers.
It measures the total number of product lines. I thought a product mix would be better for sales because selling them together would be better for marketing and consumption. 15 people found this helpful The product mix selected by our marketing manager was excellent and we took that information to our vice president of sales.
The marketing mix (also known as the 4 Ps) is a foundation model in mint-body.com marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target".Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place.
Marketing practice has been occurring for millennia, but. The Product Mix. Before turning to the product mix decisions, we first have to know what the product mix actually is.
The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale.Download