Question: What Is Product Mix Example?

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 three levels of product?

Three levels of product are involved in any purchase. The levels of product include the core customer value, the actual product and the augmented product.

What is product line width?

A product line can contain one product or hundreds. The number of products in a product line refer to its product line depth, while the number of separate product lines owned by a company is the product line width (or breadth).

What is the ingredient of price mix?

Price component of the marketing mix also involves establishing policies regarding credit and discount. The variables that are taken into consideration while fixing prices are demand for the product in question, its cost, actual and likely competition, and government regulation.

What is product width with example?

Product Width: refers to number of separate product lines offered by a company. For example, the product width of Toyota may be 3, one each for product lines of sedans, pick-ups and SUVs. Product Depth: refers to the number of sub-categories within a product line.

What are the product mix strategies?

The major product mix strategies (given by William Stanton and others) have been discussed briefly as under: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 the difference between product mix and product line?

Changing Mix Width The width of a product mix refers to the number of different product lines a company carries. A product line is a group of products that are closely related because they target the same market or have a similar function.

What is Product explain?

Definition: A product is the item offered for sale. A product can be a service or an item. … 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.

What is Product Strategy example?

Examples of product initiatives include: Improve customer satisfaction. Increase lifetime customer value. Upsell new services.

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 mix and product line example?

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 are the examples of products?

A product can be physical or virtual. Physical products include durable goods (such as cars, furniture, and computers) and nondurable goods (such as food and beverages). Virtual products are offerings of services or experiences (such as education and software).