A brand manager is tasked with managing the tangible and intangible properties of a brand.
The tangible aspects of a company’s brand include the product’s price, packaging, logo, associated colors, and lettering format.
What’s another word for product line
Alternate Synonyms for “product line”: line; line of products; line of merchandise; business line; line of business; merchandise; ware; product.
What is product mix decision with example
A product mix is all of the product lines that the company sells in the marketplace, and not those still in the development or testing stages.
For example, a company’s product mix may be constituted of cosmetics, toiletries, and medicine.
How do you conduct a product line review?
- 1) Your company profile: Introduce yourself and your team
- 2) An overview of the market: While retailers tend to have a fairly good overview of the basics, it is best to come prepared
- 3) Your product information:
- 4) A marketing plan
Why are product mix decisions so important
Why are product-mix decisions so important? An appropriate product mix helps a company appeal to a target market, present a consistent image, sustain profitability, and deal with competition.
What is product line according to Philip Kotler
Philip Kotler: “Product line is a group of products that are closely related because they function in a similar way, are sold to same customer groups, are marketed through the same type of outlets, or fall within given price range.”
Thus, product line is the group of similar products.
What is scope of product line
The product line scope is a description of the products that will constitute the product line or that the product line is capable of including.
At its simplest, scope may consist of an enumerated list of product names.
What is a product line extension strategy
Product line extension is a marketing strategy that uses an established brand to introduce a new item into the same product line.
The new item may differ slightly from what a company already offers, such as in flavor, color, form, ingredients or packaging size.
What is production decision
Production Decision means the decision by the Shareholders regarding whether to proceed with a Development program to achieve Commercial Production on the basis of a bankable Feasibility Report on one or more of the Properties.
What happens if a company has too many product lines
Unfortunately the more products you offer the costs in the supply chain, sales and marketing, development, and administrative processes become less streamlined and more expensive.
These increases in overhead are also only one part of the downside of uncontrolled product diversity.
What is the difference between product line and product family
A product family may comprise related products of various sizes, types, colors, qualities, or prices.
A product family can also spawn a collection of sub-category product lines. “Line consistency” refers to how closely related the products that make up a product family are.
What is the relationship between a product line and 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.
For example, Patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc.
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 factors that affect product management decisions?
- 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 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.
How do you improve product line?
- Analyze customer data
- New products & services
- Find new markets
- Expand distribution channels
- Target existing customers
When should a product line be dropped
Add or drop product line is the method which the company uses to evaluate the performance of product line (segment) before droping underperform product and focus on the best performing one.
Most of the companies are highly likely to drop any product or segment which is not making any profit for the company.
What is a product line 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 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 is product line depth and width
The depth of the product line includes the number of different products offered within the product line such as many different types of basketball sneakers for Nike.
The breadth of the product line refers to the different categories of products in which the brand or company offers products.
How do you create a product line?
- Define Your Target User
- Product Validation
- Develop a Go-To-Market Strategy
- Set The Pre-Launch Stage
- Develop the Next Product
- The Bottom Line on Launching a Product
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.
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.
How a company can expand its product line
Expanding your product line is a way of focusing on your customers and offering them add-ons or variants of the products they already love.
Because your target audience already has buy-in to your business, your research into what products to add should include their authentic feedback.
What is the difference between product line and product range
A product line is a family of products derived from the same ancestry. Say an iPhone 4, 6, 7 then 8.
A product range is a group of products that generally have something in common or compliment each other in some way.
Say an iPhone, an iPad and MacBook air are a range, they all do different things but are related.
What is product line filling
Adding more products to an existing product Line in order to leave no gaps into which competitors might move.
When product lines are increased by moving up or down market to attract new customers, the process is sometimes called line stretching. +1 -1.
Why is product line depth important
Knowing about a line’s product depth can help companies understand the degree of differentiation between their products, which can inform which products they continue to sell and where there might be a need to create a new product.
Product depth can include details like a product’s size, flavor, useful life and more.
Can a product line be a product mix
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 new product line
When a company offers a product from a new category that they haven’t previously offered, then it would be a new product line.
Why is product line expansion important
Expanding your product line means you can widen your target audience and open up your customer base.
This is where you might want to consider selling multiple variants of a particular product with varied price ranges.
This eliminates the risk of losing customers through pricing decisions.
References
https://airfocus.com/glossary/what-is-a-product-mix/
https://accountinguide.com/add-or-drop-product-line/
https://www.indeed.com/career-advice/career-development/product-planning-examples
https://www.productplan.com/glossary/product-mix-strategy/
https://www.yourarticlelibrary.com/product-pricing/factors-determining-product-pricing-with-diagram/49121
