Product mix: What is a Product

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. Product Line vs. Product Mix ? First, it’s important to note how the product line and the product mix differ. A product line refers to a product category or brand marketed by a company. Products within a product line all perform a similar function ... The importance of a product mix in marketing Product mix can be a very important element of marketing campaigns and long-term strategies. Say that you want to expand your target audience or customer base. One of the best ways to do that is to analyze your product mix . See if there are any areas in which you don’t offer products that your competitors do. Let’s take the above example of an athletic clothing company. Say that you analyze your product mix and find that you only produce ... Learn what a product mix is, why it's important for businesses, and how to create an effective product mix strategy with examples. Meaning of Product Mix The first element of the marketing mix is Product and it depicts the tangible or intangible goods offered by organisations to customers to satisfy their needs and wants. In simple terms, it is a bundle of utilities. Product Mix means the important decisions related to a product like the design of the product , quality of the product , the quantity of the product , packaging of the product , etc. Besides these decisions, product assortment is also an essential part of the ...