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 are the examples of 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 defines product mix
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 product line example
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.
How do you create 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 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 is product mix problem
The objective is to find how much to produce of each product (i.e., the mix) to maximize profits subject to not using more of each resource than is available.
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 the difference between product line and product mix
Many businesses that sell multiple products use product lines and product mixes to monitor the different products they produce and sell to customers.
While a product line refers to related products sold in a business, the product mix is the total number of all products a business sells.
What is the difference between product mix and product line
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.
What is the difference between product mix and marketing mix
The key difference between Marketing Mix and Product Mix is that Marketing Mix is a broader term which includes the complete array of marketing tactics while product mix only refers to few elements of the product variable from the whole marketing mix.
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 three components of product mix
The product mix incorporates four normal components: Length, depth, breadth, and consistency.
What is product mix decision
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.
How do you write a business product mix
Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers.
The four dimensions to a company’s product mix include width, length, depth and consistency.
What are the elements of the product mix?
- Width: the total number of product lines in a business
- Length: the total number of products in the mix
- Depth: number of variants of a product line
- Consistency: the degree each product relates to the other in a product mix
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.
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.
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 factors affecting product mix?
- Profitability: Every business unit tries to maximize its profits
- Objectives and Policy of Company: Company frames its product mix to achieve its objective
- Production Capacity:
- Demand:
- Production Costs:
- Government Rules and Restriction:
- Demand Fluctuation:
- Competition:
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.
What is optimal product mix
An optimal mix augments the potential unit deals while keeping up with or in a perfect world working on the organisation’s profit.
For instance, a blend that outcomes in the highest sales for the coming year may not set the organization up for future development.
Also see: Product Mix. MCQs on Marketing Mix.
What company uses marketing mix
McDonald’s Corporation’s marketing mix (4Ps) involves approaches that meet business concerns in different markets around the world.
The marketing mix defines the strategies and tactics that the fast-food restaurant company uses to reach target customers, in terms of products, place, promotion, and price (the 4Ps).
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
Product Mix Pricing Strategy is the strategy for setting a product’s price often has to be changed when the product is part of a production mix.
In this case, the firm looks for a set of prices that maximizes its profits on the total product mix.
Category: Marketing & Public Relations.
How do product mix is help businesses thrive
Selling a variety of products or services helps you increase your sales and profit potential and reduces your dependence on one product, which can lead to business closure if demand for that product ends or wanes enough.
What are 3 examples of products
Physical products include durable goods (such as cars, furniture, and computers) and nondurable goods (such as food and beverages).
Virtual products are offerings of services or experiences (such as education, software, and other digital products).
What is Coca Cola’s product mix
For example – if a company produces only soft drinks and juices, this means its mix is two products wide.
Coca-Cola deals in juices, soft drinks, and mineral water, and hence the product mix of Coca-Cola is three products wide.
What is the product mix of Pepsi
PepsiCo’s Products (Product Mix) Soft drinks. Energy drinks. Cereal. Rice snacks.
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 Coca Cola
Example of a Product Mix For simplicity, assume that Coca-Cola oversees two product lines – soft drinks and juice (Minute Maid).
Products classified as soft drinks are Coca-Cola, Fanta, Sprite, Diet Coke, Coke Zero, and products classified as Minute Maid juice are Guava, Orange, Mango, and Mixed Fruit.
References
https://creately.com/blog/diagrams/elements-of-marketing-mix/
https://iide.co/case-studies/marketing-mix-of-patanjali/
https://sites.google.com/site/thefinalprojects/home/project-on-beverage-industry/coca-cola/pricing-strategy-of-coca-cola
https://frogmanmediagroup.com/5-characteristics-of-a-good-product-description/
https://www.mindtools.com/pages/article/newSTR_94.htm
