product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. length refers to the total number of products in a firm’s product mix. for example, consider a car company with two car product lines (3-series and 5-series). in this example, the product length of the company would be 6. depth refers to the number of variations within a product line. in such a case, the depth of the 3-series product line would be 4. consistency refers to how closely related product lines are to each other. the consistency of a product mix is advantageous for firms attempting to position themselves as a niche producer or distributor. in addition, consistency aids with ensuring a firm’s brand image is synonymous with the product or service itself.
for simplicity, assume that coca-cola oversees two product lines: soft drinks and juice (minute maid). the product (mix) consistency of coca-cola would be high, as all products within the product line fall under beverage. the product mix of coca-cola in the simplified example would be illustrated as follows: the product mix of a firm is crucial to understand as it exerts a profound impact on a firm’s brand imagebrand equityin marketing, brand equity refers to the value of a brand and is determined by the consumer’s perception of the brand. maintaining high product width and depth diversifies a firm’s product risk and reduces dependence on one product or product line. successfully expanding a product mix can help a business adjust to changing consumer demand/preferences while reducing product risk and reliance on a single product or product line. on the other hand, poor product mix expansion can result in a detrimental impact on a company’s brand image and profitability. cfi is the official provider of the financial modeling and valuation analyst (fmva)™fmva® certificationjoin 350,600+ students who work for companies like amazon, j.p. morgan, and ferrari certification program, designed to transform anyone into a world-class financial analyst.
because of factors such as these, a decision is made either to identify ways of adjusting the product in order to further distinguish it from others, or to design a strategy that will eliminate the product and make way for new products. also required is a relationship with the product research and development (r&d) department. a product line extension is the use of an established product’s brand name for a new item in the same product category. now, there are four dimensions associated with a company’s product mix and the product line breadth is one of them.
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). assuming that the company decides to fill out the product line further, there are several ways of implementing this decision. a simple fact of marketing is that sooner or later a product will decline in demand and require pruning. productizing a service means making the service look more like a product so that it is easier for customers to conceive, and thus buy. the service product manager identifies a profitable service space, packages services in a productized form and delivers the same to the market.
consistency refers to how closely related product lines are to each other. it is in reference to their use, production, and a company can have multiple product lines, but it can only have strategic product mix. learn about different product mix a product line is a group of individual products that are closely related in some way. individual product. an individual, product mix strategies examples, product mix strategies examples, elements of product mix, product line and product mix strategies, product mix contraction.
product mix: all the different products that a company makes or sells. product line: a group of closely related products discuss strategies for adjusting products in response to changes in consumer taste a product line is a group of products within the product mix that are closely related, either because they function in a since the various products in the mix have related demand and costs, but face different degrees of competition, pricing is, product mix types, product mix strategies pdf, product mix pdf, product mix strategies ppt, product mix length, product mix wikipedia, product mix decisions, product mix consistency
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