The 4Ps of marketing is a model for enhancing the components of your “marketing mix” – the way in which you take a new product or service to market.
It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.
What is product line and length
Product Line length refers to the number of products/brands that come under a single product category/line.
Marketeers must make a major trade-off. Having too many brands/products under a single product category or having one or two effective & revenue-generating brands ?
What is product line consistency
Consistency refers to how closely related product lines are to each other. It is in reference to their use, production, and distribution channels.
What is product line length with example
Length refers to the total number of products in a firm’s product mix. For example, consider a car company with two car product lines (3-series and 5-series).
Within each product line series are three types of cars. In this example, the product length of the company would be six.
Why product mix strategy is important
Focusing on product mix allows companies to analyse the needs of customers so that they can introduce some new products to the line.
It helps businesses to fulfil the demands of their customers better.
What are the factors which determine product line pricing?
- Organisational factors: ADVERTISEMENTS:
- Marketing mix: Though price is an important component of marketing mix, other components cannot be niggard
- Product differentiation:
- Product Costs:
- Product life-cycle:
- Pricing objectives:
- Functional position:
What is product line stretching
From Longman Business DictionaryRelated topics: Advertising & marketing ˈline ˌstretching (also product line stretching) noun [uncountable] expanding an existing range of products by adding new products that are similar to the others but have new features.
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.
Why is product line extension important
Product line extension can help small businesses stay relevant to existing clients, bring in new ones, and increase their sales revenues.
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.
How do you calculate product line
A product line refers to a set of products that have similar uses and are generally marketed as a cluster.
The Product-Line Profitability metric calculates the total amount of profit gained from all products within a product line, minus the expenses used to produce and sell them.
What are the four main product mix strategies
The four Ps are a “marketing mix” comprised of four key elements—product, price, place, and promotion—used when marketing a product or service.
Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.
What is an example of product promotion
Some examples of commonly used sales promotion include giving out coupons or vouchers, temporarily reducing prices through discounts, sampling, offering giveaways, flash sales or buy-one-get-one-free offers, and lots more.
What is product mix in marketing with example
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 four reasons for expanding a product line
Four reasons to expand a product line are to build on an already established image, to appeal to new markets, to increase sales and profits, and for the company to be seen as an innovator in the field.
What is meant by product line length
the number of different products in a product line.
What is product line of Coca Cola product line
Here are some major Coca Cola Products in USA: Dasani water, Fanta, Powerade, Sprite, Flavored Cokes such as Cherry, Vanilla and many more, Barq’s Root Beer, Fresca, Mr. Pibb, Nestea, Minute Maid, Bacardi Mixers Fruitopia, TaB, Tahiti Treat, Mello Yello, Splice, & Mexican Coke.
What are the three 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 is product planning in marketing
Product planning is the process of developing successful products to offer your customers. It includes all aspects of the product development cycle, including market research, strategic planning, product design and development, manufacturing and pricing.
What is the difference between product line and product width
Width – Number of Product lines Width or breath of the product mix means the total number of product lines that a company offers to sell.
For instance, if a company offers milk and yogurts, it indicates that it has two lines.
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 target pricing strategy
Target pricing is a method that businesses use to calculate the selling price for a product based on market prices.
First, a company decides on a competitive price for its product based on market research and what similar products are selling for.
What are the four 4 main product mix strategies
The marketing mix, also known as the four P’s of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
How do you expand a product line?
- Analyze customer data
- New products & services
- Find new markets
- Expand distribution channels
- Target existing customers
What are the 3 levels of strategy
The three levels are corporate level strategy, business level strategy, and functional strategy. These different levels of strategy enable business leaders to set business goals from the highest corporate level to the bottom functional level.
What is product line depth
Products under a product line can be related by functionality, target market, price range, or brand.
Product line depth refers to the number of products offered under a product line.
What are the objectives of a product
Objectives are clear, measurable, inspiring goals aligned with specific outcomes you’re striving to achievefor your customers, product, or business.
For example: Help users perform core job-to-be-done X. Grow our impact on the world by expanding to customer segment Y.
How is product line pricing helpful to both retailers and their customers
Using product line pricing allows companies to target customers with low-end, mid-range and high-end budgets.
By offering two, three or more product tiers, a company can reach a much larger range of customers which opens them up to the potential for more sales and greater brand recognition.
What are the advantages and disadvantages of adding new product lines
Adding new products to your existing product line can also help you compete more broadly in your industry.
On the downside, there’s the potential for overextension-new products may cannibalize sales of older ones, or your resources may be disproportionately siphoned off for slower-moving products.
What are the examples of products
A product is any item or service you sell to serve a customer’s need or want.
They can be physical or virtual. Physical products include durable goods (such as cars, furniture, and computers) and nondurable goods (such as food and beverages).
References
https://www.volusion.com/blog/5-steps-to-launching-a-new-product-line/
https://support.productboard.com/hc/en-us/articles/360058181234-Defining-your-product-objectives
https://www.mindtools.com/pages/article/newSTR_94.htm
https://www.forbes.com/sites/rhettbuttle/2021/01/12/five-essential-elements-of-a-marketing-plan-for-a-small-businesses/
https://www.yourarticlelibrary.com/product-pricing/factors-determining-product-pricing-with-diagram/49121
