Product Mix, another name as Product Assortment, refers to several products that a company offers to its customers.
For example, a company might sell multiple lines of products, with the product lines being fairly similar, such as toothpaste, toothbrush, or mouthwash, and also other such toiletries.
What is product mix concept
A product mix is the total number of product lines and individual products or services offered by a company.
Additionally referred to as product assortment or product portfolio. Product mixes vary from company to company.
Some have multiple product lines with lots of products in each line.
What is product mix and its importance
A product mix is the total number of product lines or individual products that a company manufactures.
Understanding the basics and importance of product mix can be helpful to the professionals working in product development and related departments.
What is product mix analysis
Product mix analyses evaluate different go-to-market strategies to identify the optimal product mix at the customer, regional, or national levels, often extending the scenarios to new product introduction and SKU sun-setting decisions.
What are the features of product mix?
- Width: Number of Product Lines
- Length: Total Products
- Depth: Product Variations
- Consistency is Relationship
- Product Market Mix Strategy
How do you develop a product mix?
- Goals and Objectives
- Establish Your Budget
- Determine Your Unique Selling Proposition (USP)
- Who is Your Target Market?
- Ask Your Customers Advice
- Define Your Product in Detail
- Know Your Distribution Channels
- Create a Pricing Strategy
What is a marketing mix example
Marketing Mix Examples of Companies Dollar Tree leverages price as a factor by pricing everything in the store at $1 or lower.
This sends a strong signal to their target consumer that they’ll save money by shopping at their stores.
Another example of marketing mix is Tiffany & Co.
What is product mix and branding
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.
For example, Patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc.
What is difference between product line and product mix
A product line is one line of similar products that are sold within a company, whereas a product mix is the combined total of all the product lines sold in a company.
Why is product mix important
Importance Of Product Mix Product mix helps determine in which direction your company is heading, and the data accumulated by it helps you determine where you want to lead the company.
It also helps you to be consistent with your targeted customers.
How do you determine the product mix
Number of actual units sold. Actual sales mix percentage: the number of actual units sold of a product divided by total units sold of all products.
Budgeted sales mix percentage: the number of budgeted units sold of a product divided by budgeted total units sold of all products.
What are elements of marketing mix
There are five elements of a marketing mix, otherwise known as “the five P’s,” of marketing: product, price, place, promotion, and people.
Careful consideration of these five elements will help a business better craft marketing plans that effectively reach their target audience.
How can a company build and manage its product mix
Assign Mangers to Different Lines Assign a manager to each product line so that someone is dedicated to the success of that set of products.
You can then manage the overall operation by consulting with your managers as a group from time to time.
What are the three strategies for developing an effective product mix
There are three standard types of product positioning strategies brands should consider: comparative, differentiation, and segmentation.
What is the most important element of product mix
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.
What is consistency in product mix
The consistency of the product mix refers to how closely relate the various product lines. are in end-use, production requirements, distribution channels or in some other way.
For example: – P&G product lines are consistent insofar as they are consumer products that go through. the same distribution channels.
What are the 4 product mix strategies?
- 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
- Product Differentiation
What are the 5 product mix strategies?
- Product line pricing – the products in the product line
- Optional product pricing – optional or accessory products
- Captive product pricing – complementary products
- By-product pricing – by-products
- Product bundle pricing – several products
What is product mix pricing strategy
A product mix pricing strategy, therefore, can be any strategy that takes the product mix into consideration.
Most often, however, the product mix is segmented into the products consumers are most likely to buy together, and the strategy aims to maximize product, market share or company growth.
What is Apple’s product mix
Apple marketing mix (Apple’s 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence.
Is branding a part of product mix
The essential components of the product mix are Branding, Packaging, and Labelling.
What is Coca Colas product mix
So in case of Coca cola, the product mix is 3 product lines + 9 products within them.
Hence, the product mix of Coca cola has 12 total products (applicable in this scenario only.
In reality Coca cola has a very large product portfolio). The product line in this case is 3.
How important is product mix in your marketing decision
Importance of Marketing Mix Helps understand what your product or service can offer to your customers.
Helps plan a successful product offering. Helps with planning, developing and executing effective marketing strategies.
Helps businesses make use of their strengths and avoid unnecessary costs.
What is Coca-Cola’s product mix
For example, The Coca-Cola Company has its signature Coca-Cola brand, featuring original Coca-Cola, Diet Coke, Coke Zero, Cherry Coke, etc. This would be described as a product line, while their product mix consists of their Coca-Cola, Dr. Pepper, Glaceau Smartwater, Sprite (and so on) product lines.
What is an example of a product line
Examples of Product Lines The company’s product lines include footwear, clothing, and equipment. The various product lines for Starbucks Corporation (SBUX) include coffee, ice cream, and drinkware.
What is the product mix of Pepsi
PepsiCo’s Products (Product Mix) This element of the marketing mix identifies the organizational outputs made available to customers.
PepsiCo started as the Pepsi-Cola Company, with all original products under the Pepsi brand.
The following are the current product lines of PepsiCo: Soft drinks.
What is the product mix of Samsung
Mobile devices- Smartphones like Samsung Galaxy series, Tablets, Wearables, Phones accessories. Samsung Home Appliances- Refrigerators, Cooking Appliances, Washing Machines, Air conditioners, Vacuum cleaners.
TV/AV – Samsung Television, Accessories, Audio and Video accessories.
What are the 4 types of product?
- Convenience goods
- Shopping goods
- Specialty goods
- Unsought goods
What are the factors affecting marketing mix?
- Product Planning
- Price
- Branding
- Personal Selling
- Sales Promotion
- Physical Distribution
- Market Research
What is the product mix of Maggi
The product mix of Maggi is divided into different categories & each had various products underneath.
They had Noodles (2-min noodles,Dal atta noodles,Cuppa Mania), Ketchup (Maggi pichkoo), Sauces (Tomato, Pudina), Masala (Maggi Bhuna masala), Soups and even Pastas.
Such is their openness to experimentation.
What are the 3 components of a product
Explain the three components of a product. Core customer value, actual product, and associated services.
Sources
https://www.netrivals.com/resources/guides/3-major-pricing-strategies-a-short-guide/
https://ppcexpo.com/blog/4ps-and-4cs-of-marketing
https://www.smartinsights.com/marketing-planning/marketing-models/4cs-marketing-model/
https://docs.google.com/document/preview?hgd=1&id=1uE8IKOGlvGc75NE99ZvezgMoCamzlfbpZsOn6SII8wI
