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What is product mix give example?

What is product mix give example?

Product Mix, another name as Product Assortment, refers to a number of 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 strategies?

What is a Product Mix Strategy? A successful product mix strategy enables a company to focus efforts and resources on the products and product lines within its offerings that have the greatest potential for growth, market share, and revenue.

What is product mix and its elements?

The product mix is the variety of products a company produces or sells to the marketplace. Retailers carry a mixture of products to satisfy various customers. The product mix includes four common elements: Length, breadth, depth and consistency.

What is product marketing definition?

In marketing, a product is an object or system made available for consumer use; it is anything that can be offered to a market to satisfy the desire or need of a customer. Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability.

What is product mix and its importance?

Understanding the product mix of a company is essential to study and analyze its brand image. A company with more product width and depth is seen as more diversified. More diversification means less risk as the company lowers its dependence on one product or product line.

What is product mix in marketing class 12?

“Product mix” means the total number of products and items that a particular marketer offers to the market.

Why is product mix important?

Your product mix is important in determining the image of your business and brand, as it helps you to maintain consistency in the eyes of your target market. For instance, if you’re a discount retailer, your target market likely consists of economy-minded shoppers looking for low prices.

What are the types of product mix?

6 types of Product Mix pricing to push products in the market

  • Product line pricing.
  • Optional feature pricing.
  • Captive product pricing.
  • Two part pricing.
  • By Product pricing.
  • Product bundling pricing.

What is product mix explain its structure?

Four important dimensions of a product mix can be identified. These are: width, length, depth, and consistency. The first of the product mix decisions refers to the product mix width. The width is all about the number of different product lines the company carries.

Why is it called marketing mix?

A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term often refers to a common classification that began as the four Ps: product, price, placement, and promotion. Effective marketing touches on a broad range of areas as opposed to fixating on one message.

How is product marketing different from marketing?

Product marketing vs traditional marketing. “Product marketing tends to be more strategic and analytical whereas traditional marketing tilts more towards marketing communications, project management, operations, execution, and the artistic side of marketing.

What is a product in product management?

A product is any item or service you sell to serve a customer’s need or want. This definition might seem simple, but as you will learn in this guide, there is a lot more to a product than its at-first-glance attributes and what the customer thinks they are paying for. A product can be physical or virtual.

What are the four elements of marketing mix?

Elements of Marketing Mix: Product, Price, Place (Distribution) and Promotion! The marketing mix consists of four elements: Product, Price, Place (distribution) and Promotion. A marketing mix is the’ specific combination of marketing elements used to achieve objectives and satisfy the target market.

What are the 7 Ps of marketing mix?

The services marketing mix is dominated by the 7 Ps of marketing namely Product, Price, Place, Promotion, People, Process and Physical evidence.

Which items make up the marketing mix?

The marketing mix has been defined as the “set of marketing tools that the firm uses to pursue its marketing objectives in the target market”. Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, place, and promotion.

What is the concept of marketing mix?

A brief description of the four elements of marketing mix (Four Ps) is: Product: The product itself is the first element. Products must satisfy consumer needs. Price: The second element to affect the volume of sales is the price. Promotion: The product may be made known to the consumers. Distribution (place):