What is product mix in marketing

What is product mix and examples?

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. … Or your product lines may be vastly different, such as diapers and razors.

What are the product mix decisions?

Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening any existing line, or bringing new variants of a brand to expand the business and to increase the profitability.

What are product decisions in marketing?

Product Decision

Decisions regarding the product, price, promotion and distribution channels are decisions on the elements of the “marketing mix”. It can be argued that product decisions are probably the most crucial as the product is the very epitome of marketing planning.

What is product mix in simple words?

Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. A product mix consists of product lines, which are associated items that consumers.

What is product mix and its elements?

The product mix is the variety of products a company produces or sells to the marketplace. … Retailers carry a mixture of products to satisfy various customers. The product mix includes four common elements: Length, breadth, depth and consistency.

What are the three levels of a product?

In order to actively explore the nature of a product further, let’s consider it as three different products – the CORE product, the ACTUAL product, and finally the AUGMENTED product. This concept is known as the Three Levels of a Product.8 мая 2014 г.

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What are the 3 product mix strategies?

The major alternative product mix strategies (given by William Stanton and others) have been discussed briefly as under:

  • Expansion of Product Mix: …
  • Contraction of Product Mix: …
  • Deepening Product Mix Depth: …
  • Alteration or Changes in Existing Products: …
  • Developing New Uses of Existing Products: …
  • Trading Up: …
  • Trading Down:

What are the four product mix strategies?

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.

Why is product important in marketing?

Any product worth developing needs to provide additional benefits other than basic function in order to stand out. … Although the product is the most important part of the marketing function, it needs other elements intertwined in order to succeed, such as promotion, place, and price.

How do you classify the product?

Within the category of consumer products, there are four main classifications: convenience goods, shopping goods, specialty goods, and unsought goods. This article will describe characteristics of goods in each category, provide examples, and discuss relevant marketing strategies.

What are the 5 pricing strategies?

These are the four basic strategies, variations of which are used in the industry. Apart from the four basic pricing strategies — premium, skimming, economy or value and penetration — there can be several other variations on these.

What is product and its types?

A product may be defined as a bundle of utilities. According to the traditional classification, the two major categories of goods are consumer goods and industrial goods. Consumer products can be further classified into convenience product, shopping product, specialty products and unsought products.

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What’s the difference between a product line and a product mix?

A product mix is a group of everything a company sells. However, the product line is a subset of the product mix. A product line refers to a unique product category or product brand a company offers.

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