What is a product mix?
A product mix is the total number of product lines and individual products or services offered by a company. Additionally referred to as product assortment or product portfolio. Product mixes vary from company to company.
What are the 4 dimensions that make up the product mix?
Dimensions of a Product Mix#1 Width. Width, also known as breadth, refers to the number of product lines offered by a company. ... #2 Length. Length refers to the total number of products in a firm's product mix. ... #3 Depth. Depth refers to the number of variations within a product line. ... #4 Consistency.
What is a product mix What are the four dimensions of a product mix explain with the help of appropriate examples?
The product mix width of the company is two – as there are two product lines. The length would be eight, as there are four products in each of the product lines. The product mix depth will be four products for each product line, as there are four variations....1. Coca-Cola.JuicesSoftdrinksGuavaSprite3 more rows
What is product mix and examples?
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 is product mix quizlet?
Product mix. A particular assortment of products a business offers to meet its market's need and its company's goals. Product line. A group of related product items (toothbrush, toothpaste, mouthwash etc.)
What is product mix Wikipedia?
Product mix, also known as product assortment, is the total number of variety of products that a firm sells to their customers. It measures the total number of product lines.
What is product mix and its importance?
A product mix is the total number of product lines or individual products that a company manufactures. Understanding the basics and importance of product mix can be helpful to the professionals working in product development and related departments.
What is product mix decision?
Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening an existing line, or bringing new variants of a brand to expand the business and to increase the profitability.
What are the types of product mix?
In general, there are 6 types of product mix pricing used by any organisation to take care of their product mix and product lines.Let us discuss each type of product mix pricing in detail.1) Product line pricing.2) Optional feature pricing.3) Captive product pricing.4) Two part pricing.5) By Product pricing.More items...•
What are product mix dimensions?
Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. The four dimensions to a company's product mix include width, length, depth and consistency.
What are the dimensions of the product?
There are five product dimensions: color, configuration, size, style, and version. You combine product dimensions in dimension groups and assign dimension groups to product masters. The combinations of product dimensions determine how product variants are defined.
What is the product mix based on?
Number of actual units sold. Actual sales mix percentage: the number of actual units sold of a product divided by total units sold of all products.
What are the dimensions of product?
There are five product dimensions: color, configuration, size, style, and version. You combine product dimensions in dimension groups and assign dimension groups to product masters. The combinations of product dimensions determine how product variants are defined.
What are the types of product mix?
In general, there are 6 types of product mix pricing used by any organisation to take care of their product mix and product lines.Let us discuss each type of product mix pricing in detail.1) Product line pricing.2) Optional feature pricing.3) Captive product pricing.4) Two part pricing.5) By Product pricing.More items...•
What is marketing mix explain its four elements?
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.
What are the 5 product mix strategies?
Five product mix pricing situationsProduct 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.
1. What is a Marketing Plan?
A marketing plan is a type of operational document which outlines the advertising strategy. The organization will implement this marketing plan to...
2. What is the Importance of a Marketing Mix?
The elements present in a marketing mix influence each other. They make up the business plan for a company that is handled right, this can give it...
3. Who are the Target Customers?
Target Customers or the Potential Customers whatever it is well known as is a broad group of customers who demand or get attracted to a specific pr...
4. What are the various types of product mixes?
The Product mix which is also known as product assortment or product portfolio refers to a complete set of products or services offered by a firm h...
5. Where can I download the Product Mix - Meaning, Definition, Example, and FAQs?
The students can avail the Product Mix - Meaning, Definition, Example, and FAQs from the website of Vedantu for free of cost. The website provides...
What is product mix?
In other words, the product mix is the number of product lines a firm has under its umbrella. Moreover, this concept belongs to the Marketing stream. There could be one or more product under a product line.
Why is it important to understand the product mix of a company?
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.
How many product lines does Coca Cola have?
The number of product lines that a firm has suggested is what is called as the width of a product mix. For example, If Coca-Cola sells only juices and soft drinks, it means it has two product lines. And, if it also sells mineral water, it would mean it has three product lines.
Why is it important to manage product mix?
If a company can manage its product mix successfully, then it would be easier for it to adjust to the altered demand pattern and preferences. Moreover, it diversifies the risks and lowers the dependence on one product or one product line. But, it must be careful when expanding the product mix. It should not add unnecessary items and carry thorough research to make sure there is a market for its items.
What happens if a company adds unnecessary products to its product line?
However, if a company adds unnecessary products to its product line, then it could hurt its bottom line, as well as brand image.
What happens when a company expands its product width?
Usually, if a company expands the product width, it gives it the ability to diversify risk and meet different consumer demands. On the other hand, if a company expands depth, it allows it to meet the needs of the present customers better.
What is the length of a product?
The length refers to the products in a product mix. For instance, if a company has 4 product lines, and under each product line it has four products each, then the length of the company’s product is 16.
What Do You Mean By Product Mix?
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. All these are under the same brand umbrella. Whereas, a company may have varied and distinct other product lines that may be in good contrast to each other, such as medicines and clothing apparel.
What are some examples of product mixes?
Example of a Product Mix. A popular and classic example of Product Mix is of the brand Coca-Cola. For simplicity, let us assume that Coca-Cola oversees only two product lines that are soft drinks and juice (Minute Maid). The Products that are classified as soft drinks are Coca-Cola, Fanta, Sprite, Diet Coke, Coke Zero, ...
Why is it important to focus on a marketing mix?
Focusing on a marketing mix helps an organization to make strategic decisions while launching new products or revising their own existing products.
Why is marketing mix important?
Marketing Mix surely helps the company to be more competitive and adaptable in its market.
How does marketing mix influence each other?
Ans. The elements present in a marketing mix influence each other. They make up the business plan for a company that is handled right , this can give it great success. Also, this can be handled wrong and the business could take years to recover. The marketing mix for a business to grow needs a lot of understanding, requires market research and consultation with several other people, from users to trade to manufacturing and several others who are connected with the company.
What is marketing plan?
Ans. A marketing plan is a type of operational document which outlines the advertising strategy. The organization will implement this marketing plan to generate and reach its target market. The functions and components of a marketing plan are to include market research to support the pricing decisions and new market entries.
What are the products that are classified as soft drinks?
The Products that are classified as soft drinks are Coca-Cola, Fanta, Sprite, Diet Coke, Coke Zero, and the products that are classified as Minute Maid juice are Guava, Orange, Mango, and Mixed Fruit. The product mix or the consistency of Coca-Cola would be high, as all the products within the product line fall under this beverage.
What is the length of a product mix?
The length of the product mix means total number of products within the company product lines. For example, if a company has 10 product lines and each line has 3 products, then length is (10×3) = 30.
What is product mix consistency?
Product mix consistency is the close relationship between different product lines. The more product variation means less product consistency. For example, a dairy company has two product lines milk and yogurt. Both lines have the same users and distribution channels. Due to low product variation and high product mix consistency. Take another example of Philips Electronics with 7 product lines having high production mix variation and low consistency.
What does width mean in product mix?
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 in marketing?
A product is anything that is offered to a market to satisfy customer wants and needs. The product includes both tangible and intangible items available for sale in the market. A company sells a variety of products at a time. For example, PepsiCo sells hundred of products under the product lines of beverages, food, and nutritional products. These product lines, when combines, are known as product mix.
Why is product mix important?
The product mix is an essential element of the marketing mix because the other elements will work if there is a product or service to offer in the market. It is known as the central part of all marketing activities.
What is product line?
A product line is a group of closely related products with similar functions, customer groups, outlets, and the same price ranges. For instance, the Nike product line includes Footwear, Apparel, and Sports equipment, when all these product lines combine constitutes product mix.
Dimensions of Product Mix
Product Mix Example
- Let us take an example to understand all four dimensions better. For simplicity, let’s assume that Coca-Cola deals in only two product lines – soft drinks and juice. Under soft drinks, the company owns brands like Fanta, Sprite, and Diet Coke. Under the juices, it offers three flavors Guava, Orange, and Mango. Assume the company sells soft drinks a...
Importance
- Understanding the product mix of a company is essential to studying and analyzing 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. Usually, if a company expands the product width, it gives it the ability to diversify risk and m…
Product Mix Strategy
- As said above, a new company starts with fewer products but tries to achieve a higher level of consistency. As it moves along or as it grows, it makes efforts to enter new markets, come up with new products, and offer unique products. Additionally, they try to come up with products of superior or lower quality to provide more choices to the customers. Such a strategy means stret…
Final Words
- If a company can manage its product mix successfully, then it would be easier for it to adjust to the altered demand pattern and preferences. Moreover, it diversifies the risks and lowers the dependence on one product or one product line. But, it must be careful when expanding the product mix. It should not add unnecessary items and carry out thorough research to make sure …