The product strategy and mix in titan marketing strategy can be explained as follows. If you are just starting out, you might want to consider an introductory business course so you can get more information. Total number of items in the product mix of the company. Firms modify existing products by changing their quality, functional characteristics, or style. This is usually either upmarket or downmarket, depending on the. For instance, a company might want to maintain longer product lines to protect against economic swings. The key to effective pricing is the same as the key to effective product. However, when they all are grouped together, they form the product mix of patanjali. Companies sell multiple product lines under their various brands. A product mix consists of product lines, which are. Expanding the product line is the second one of the product line decisions. Apr 08, 2020 however, the product line is a subset of the product mix.
Simply, it shows the number of items in the product line. Managing product line and product mix business market. Product line depth is the number of product items in a product line. Yoghurt is the best known of all fermented milk products, and the most popular worldwide. A product line refers to a unique product category or product brand a company offers. How to determine an optimal product mix your business. Marketing mix, segmenting, lifecycle and market research an analysis of. Discuss product mix width and product line depth a. If you are entering into the world of business, you will likely need to know what product line pricing is and how it is used. Product mix width refers to the number of product lines an organization offers. Product design sketching with construction lines youtube.
Before proceeding towards the main topic product mix pricing strategies in marketing first you should be aware of this common marketing terms product mix or product portfolio. In offering a product line, companies normally develop a basic platform and module that can be added to meet different customer requirements. Up market stretch a company may want to introduce a highpriced line for any of the following reasons. Managing product line and product mix free download as powerpoint presentation. Nov 04, 2012 the product mix is the collection of products lines and individual products that a business offers. Each of these product lines is intended to attract a specific customer. What perplexed me was whether this was an example of the broadening or deepening of jellos product line. What is product mix width product mix refers to the full range of products a company makes. View notes ch 11 product mix and product line decisions.
Firms increase the depth of their product lines to attract buyers with different preferences, to increase sales and profits by further segmenting the market, to. A product line is too short if profits can be increased by adding items. We test this conventional wisdom using data from 472 u. Discuss product mix width and product line depth and how they are relevant for marketers. Product mix, also known as product assortment, refers to the total number of product lines a company offers. Reframing the product mix problem using the theory of constraints.
How to determine optimal product mix is examined during the aat qualification, as well as on our cima and acca courses. For example, all the courses a university offers constitute its product mix, courses in the marketing department constitute a product line, and the principles of marketing course is a product item. A range of associated products that yields larger sales revenue when marketed together than if they were marketed individually or in isolation from others. The difference between a product item, product line and the product mix product line is vertical, which a firms total product offering designed to satisfy single need for target customers. The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale. Prodin mix overview video click here top 10 profit by product shinerbock burger burrito export. Pdf profit maximization in a product mix company using. Titans offerings range from watches to belts and wallets in its marketing mix product strategy. Product mix and product line understanding product.
The product mix is a vital component of the marketing mix. Stretching the product line means taking it beyond the established positioning of the range of products. Major types of product mix strategies marketing notes. Product line meaning in the cambridge english dictionary. The product mix is the variety of products a company produces or sells to the marketplace. A product mix has certain width, length, depth and consistency the width of a product mix refers to how many different product. Get an answer for what is product line, product mix, line extension, line width and line depth. Urenio was only responsible for the organization and editing of the material included. Product line is too short if profits can be increased by adding items to product line.
Get an answer for please tell me the example of product line, product mix, product extension and product filling of the particular company. Nov 03, 2018 how can we be accomplished product designers. A product line is a group of products that are closely related because they satisfy a class of needsin this case, gift giving. In any multi brand organizations, there are numerous products present. Product mix analysis how to drive richer product mix. Product mix is defined as the set of all products and items that a particular seller offers for sale. A product mix consists of product lines, which are associated items that consumers buyer types buyer types is a set of categories that describe the spending habits of consumers. For example, avons product line includes jewelry, fashion, household items, and offcourse, cosmetics. Setting product strategy how can a company build and manage its product mix and product lines. Both product mix and marketing mix are part of this tactical framework.
Apr 16, 2014 to help you determine if youve got a viable and profitable product idea on your hands, weve put together this comprehensive guide that shows you exactly how to take a look under the hood of your market and your product to make sure youre building your business on a strong foundation. An optimal mix maximizes the potential unit sales while maintaining or ideally improving. Product mix and earnings volatility at commercial banks. For a company selling dog collars, a product mix example could be all the different styles and designs of collars. In marketing jargon, product lining is offering several related products for sale individually. How to introduce a new product to the market bizfluent. Both manufacturers and retailers must determine the optimal product mix for their particular business.
This is where the concept of product mix and product line decisions occur, this article clearly explains the differences between product mix and product line in a detailed manner along with examples. Product line extension occurs when a firm adds new products to existing product lines. Reframing the product mix problem using the theory of constraints john davies and vicky mabin school of business and public management victoria university of wellington wellington new zealand vicky. F a i r d e a l i n g s h o r t e x c e r p t reading. Product mix and product line understanding product length, width. Product decisions or policy and strategy are concerned with the management of the products product portfolio and brand management a product.
Product mix a product mix is the set of all products and items a particular seller offers for sale. What is product line, product mix, line extension, line width. What are some factors that will impact its movements. For example, if a company has 10 product lines and each line has 3 product variations then product mix.
Social media is an effective and relatively inexpensive tool for reaching new and potential customers. Product definition a product service is the most important component of the marketing mix being the centre of focus as the offer to the market. Product line decisions building a strong product line. Before turning to the product mix decisions, we first have to know what the product mix actually is. In order to analyse each product line, product line. Companys objectives also influence product line length. A building method for procedure management model, product model and product structure configuration of a sugarcane harvester was introduced, and a class hierarchy model of document data in product. In the overall product mix decision, a firm needs to consider product line. The original owners of the material are clearly referred in all chapters of this new product development guide. Product mix concepts depth the depth of the product mix is the assortment of all sizes, colors and variations offered for each product in the product line for example lifebuoy active red comes in three sizes 125 gms,100 gms and 60 gms cakes consistency.
An organisations product line is a group of closely related products that are considered a unit because of marketing, technical or enduse considerations. The products are similar and focus on the same market sector. Ch8 managing products, product lines, brands, packaging. Product mix, also known as product assortment or product portfolio, refers to the complete set of products andor services offered by a firm. Sep 05, 2014 product mix the set of all products offered for sale by a company product line a broad group of products for similar uses and with similar characteristics product line depth the number of product items offered within each product line. The marketing mix of your product s is arguably the most important of all the mix elements. The product line length can be influenced by company objectives and resources. Product lines are created by companies as a marketing strategy to capture the sales of consumers who are already buying the brand.
The objective is to eliminate lowprofit products and to get more profit from fewer products. Product line is too long if profit can be reduced by dropping items from product line. A product mix has certain width, length, depth and consistency the width of a product mix refers to how many different product lines the company carries. The product lines may range from one to many and the company may have many products under the same. Development of successful product mix strategies depends on analyzing existing products for market growth and market share. Product mix overview, dimensions and practical example. As the company grows, it is likely to expand its product line to widen its core business.
Learn vocabulary, terms, and more with flashcards, games, and other study tools. Retailers carry a mixture of products to satisfy various customers. A product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups. The profit of maximization in a product mix company was found by using linear programming 4. Today, the company seeks innovative ways to communicate with its consumers and strives to satisfy them nike, inc. The difference between a product item product line and the. 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. Some companies have thousands of different products in their mix. A product line is a group of products that a company creates under a single brand.
Sep 20, 2019 ways to introduce a new product in the market include investing heavily in marketing research to tailor your offerings to potential customers and taking a lean approach and adapting as you go. For example, patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc. Product mix decisions width, length, depth and consistency. It consists of all the product lines and items that a particular seller offers for sale. Mix csv csv daily excel excel daily json print report shinerbock burger delivery charge. Now, there are four dimensions associated with a companys product mix and the product line. The global beverage giant is the maker of some of the most loved soda brands in the world. The product mix is the total set of products a firm offers for sale. Here i am mentioning three most common definitions of product mix. Apr 04, 2019 you could be offering the best new product or service in the world, but if you dont promote it properly, you may end up losing money down the line. For example, market demand and price elasticity is not included in the model we assume. Titan is a leading watch and jewelery based products maker from india.
A product line is a group of related products under a single brand sold by the same company. The complete range of products present within a company is known as the product mix. Another product strategy is to narrow the product mix, either by eliminating entire line or by simplifying the assortment with in a line. Product mix or product assortment is a set of the total number of products lines that a seller offers in the market to its buyers. For example product mix of bajaj company has more than 100 items in various product lines, such as fans, bulbs and tubes, heaters, motorbikes, shooters, richshow, processing machines, and many other ranges.
The length of product mix means total number of products within a companys product lines. For example product mix of bajaj company has more than 100 items in various product lines, such as. The astrocosmo problem considered earlier is an example. The material of the new product development guide has been collected from various sources, referred in the guide content. The product has since been discontinued but based on past articles and advertising, it appears that the way to consume this vegetable flavoured jello was to throw in various vegetables into the jello mix, chill it and then serve.
This is thr product mix is a total of all variations of products present within a company. A product line often evolves, as manufacturers want to take advantage of a brands value and the success of other products in the mix. The breadth of a product mix shows the different kinds of product lines that firm carries. And product is key in the development and creation of customer value. The range of products offered by a firm is a critical strategic decision that will determine how the firm and their brands compete in the marketplace and the overall positioning of the brand. Focusing on the product mix enables companies to divert all their attention on their primary business. Shampoo, here, forms a different product line, flour forms a different product line as. Yes, an organisation with several product line has a product mix or product portfolio. Product mix refers to the variety of products a business offers its customers. Discuss product mix of hotel industry within the service sector management forums, part of the resolve your query get help and discuss projects category.
A product mix definition is the list of products and or services a business offers for sale. Here are some creative ways to promote a new service or product for your small business. Again if we use the apple example above, in the mobile phone. Product modification function style product package uniformity product mix firebird repositioning standardized components product mix width product item quality. And linear programming for optimal production is used to a production line in cocacola bottling. If you would like to build a greater understanding of this and similar topics, you might consider a professional accounting qualification. Although this is a good example of a product mix problem, bear in mind the limitations of the. The consistency, flavour and aroma vary from one district to another.
In marketing, the number of product lines offered is referred as the width of product mix. Product mix width, length, depth, consistency with examples. Expanding the product line is the second one of the product line. Stretching the product line the marketing study guide. Product items, lines and mixes by projects marketing on prezi. In some areas, yoghurt is produced in the form of a highly viscous liquid, while in other countries it is in the form of a softer gel. It refers to the total number of items in all the product lines in product mix. Shampoo, here, forms a different product line, flour forms a different product line as well, and so does toothpaste. A good understanding of product mix is a key element of marketing management. Leonidou and others published greening the marketing mix does it payoff.
Number of different product lines carries by the company. Furthermore, the corresponding policy is s limit of the nproduct optimal policy when m becomes large. Product line width the number of different product lines a business manufactures or sells 05092014 universal. Developing a product mix strategy requires consideration of the product mix width, meaning the number of different product lines supported by a firm. Width is one of the ways marketers describe the extent of a companys product mix. Once you clearly understand opportunities through data analysis and have performed the appropriate strategic mix planning, pass the baton to the sales team, they can take your insights to drive richer product mix and improve the companys bottom line. A guide to new product development product life cycle management. A product line is just a group of related products from a single manufacturer, like the cars on a dealers lot or the shampoos at your hairdresser. A product mix is whole selection of product lines you offer.
483 313 187 519 198 883 1314 595 780 122 1420 1038 1186 111 786 649 960 1425 326 965 1237 703 224 760 735 1075 866 882 1119 1023 650 379 509