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 short answer
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 tend to use together or think of as similar products or services.
What is product mix Wikipedia
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.
What is product mix definition
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.
What is product mix and its variable
Product mix, also known as product assortment, refers to the total number of product lines that a company offers to its customers.
The product lines may range from one to many and the company may have many products under the same product line as well.
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 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.
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 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 is product mix according to Philip Kotler
Philip Kotler: “A product mix is the set of all product lines and items that a particular seller offers for the sale to buyers.”
What are the types of product mix?
- Let us discuss each type of product mix pricing in detail
- 1) Product line pricing
- 2) Optional feature pricing
- 3) Captive product pricing
- 4) Two part pricing
- 5) By Product pricing
What is product mix class 12
“Product mix” means the total number of products and items that a particular marketer offers to the market.
MAJOR COMPONENTS OF PRODUCT MIX ARE. Branding. Packaging. Labeling.
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 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 are the tools of product mix
Each of the four Ps has its own tools to contribute to the marketing mix: Product: variety, quality, design, features, brand name, packaging, services.
Price: list price, discounts, allowance, payment period, credit terms. Place: channels, coverage, assortments, locations, inventory, transportation, logistics.
What is price and mix
Price mix is the combination of different ‘price-related variables’ determined by a producer to fix the price of the product or service he offers.
These variables include the cost of making the product, the factors that influence the pricing decisions, the various pricing strategy, the pricing objectives, etc.
What is product mix length
The length of the product mix refers to the total number of items in its product mix.
What are the 4 elements of the product mix?
- Product (or Service)
- Place
- Price
- Promotion
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.
What is product mix width
The product mix width refers to the number of product lines that accompany sales.
For example, if you have a company that specializes in oral hygiene and they sell three different products, floss, mouthwash and toothpaste, then that company has a product mix width of three.
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 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
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 the concept of a product
A product concept is a description of a product or service, at an early stage in the product lifecycle.
It is generated before any detailed design work is undertaken and takes into consideration market analysis, customer experience, product features, product cost, strategic fit, and product architecture.
What is the product mix of Coca Cola
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 are the main elements of the marketing mix?
- Product (or Service) Your customer only cares about one thing: what your product or service can do for them
- Price
- Promotion
- Place
- People
- Packaging
- Process
What is a product line example
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 most important element of the marketing mix
*Yes, Product is the most important element in the marketing mix. Product is the ultimate purpose of consumer purchase.
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 is the definition of product in marketing
Definition: A product is the item offered for sale. A product can be a service or an item.
It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price.
The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted.
Citations
https://byjus.com/questions/what-are-the-7-types-of-products/
https://the-definition.com/term/product-mix-pricing-strategy
https://www.ln.edu.hk/mkt/staff/l2peng/bus205/Chapter11.ppt
https://smallbusiness.chron.com/product-mix-639.html
https://www.yourarticlelibrary.com/marketing/product/product-mix-product-line-and-product-items/48614
