Question: What Is Product Mix And Examples?

What are the five product mix pricing situations?

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..

What is the importance of a product?

The product satisfies a consumer’s need and/or want. Products come in numerous forms. Convenience products are popular allowing consumers to make quick purchase decisions (most often habitual purchases). These products normally satisfy our basic needs.

What is product and its importance?

ADVERTISEMENTS: Product is one of the important elements of marketing mix. A marketer can satisfy consumer needs and wants through product. … A marketer tries to produce and sell such products that satisfy needs and wants of the target market. Other words used for product are good, commodity, service, article, or object.

What are the four types of consumer goods?

Consumer products are defined as products that satisfy a consumer’s wants or needs. There are four types of consumer products, and they are convenience, shopping, specialty, and unsought.

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 alternative 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:More items…

What do you mean by 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.

What is the difference between product mix and product line?

Product Mix vs Product Line A product mix is a group of everything a company sells. … 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 example?

Definition: Product Line can be understood as an array of related products, under a specific brand, offered by a particular company to its customers. … Some examples of companies with multiple product lines are Proctor & Gamble (P&G), Indian Tobacco Company (ITC), Hindustan Unilever Limited (HUL), etc.

What is product length and width?

Width : Number of different product lines carries by the company. Length : Total Number of items in the product line. Depth : Number of version offered of each product in the line. Consistency : Closely related the various product lines.

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?

A product strategy outlines a company’s strategic vision for its product offerings by stating where the products are going, how they will get there and why they will succeed. The product strategy enables you to focus on a specific target market and feature set, instead of trying to be everything to everyone.

Why is product mix important?

Business Image 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 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.