A product mix is a group of everything a company sells. The effect of marketing mix in attracting customers academic. It offers the ability to expand your customer base by offering more products in more niches. In other words, the number of product lines that a company has for its customers is called as product mix. The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale. Purpose the paper aims to centre on marketing of library and information services and to attempt to correlate marketing as a concept to the provision of library services. The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.
Where there are limiting factors, you need to work out which product mix will provide the highest return. Product marketing in the marketing mix principles of. Marketing experts raise their own vision based on these activities. If an economy is on the productionpossibilities frontier, then more of one good, good a, can be produced only by shifting resources and thus producing less of something else, good b. Since most products tend to follow a typical product life cycle, it is expedient for companies to maintain an appropriate mix of newly launched products, growth products and mature lines. Product mix constitute width, length, depth and consistency. Jun 27, 2012 set of all product offered for sale by a company. Understanding how to position your market offering. A fairly limited range of a product mix means that the brand is often more of a niche player.
Width in a product mix is sometimes also referred to as breadth. Every product is made at a cost and each is sold at a price. Marketing mix comprises of product marketing mix and service marketing mix. Product mix the set of goods and services a company provides. You just need to create a product that a particularly group of. In case of insurance sector, the product mix comprises of life and non life insurance policies that are offered to the customer by the company. A product mix is an important consideration for any firm. For example, patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc. While marketing a tourism product, the sales or marketing person insists on the positive facets of the following four components. When a business has a competitive advantage, it has an edge over its rivals.
Pdf application of 4ps to marketing the information product. Marketing mix 4ps marketing mix is a strategy which a company uses to formulate a productservice offering for its customers. Product definition a productservice is the most important component of the marketing mix being the centre of focus as the offer to the market. For example a seller of a toothbrush not only offers the physical. The different elements of a marketing mix work in conjunction with one another. When a company has many product lines and groups them together, it creates a product mix collins dictionary has the following definition of the term. Product mix, also known as product assortment, is the total number of variety of products that a firm sells to their customers.
Market size, competition, and the product mix of exporters. Product mix and product line understanding product length. Thus, taking the above example, if there are 4 product lines within the company, and 10 products within each product line, than the product line width is 4 only. It is an important marketing tool that comprises of all the elements which influence the demand for the products offered by the firm. There are various decisions which the management of a company should take about products we should sell, different categories of products, different versions of products, etc. Product mix or product assortment is a set of total number of products lines that a seller offers in the market to its. The infusion form 2006 must be submitted for each product. Width is one of the ways marketers describe the extent of a companys product mix.
Product planningpolicies and procedures relating to. Understanding the basics of a product mix will help you understand why it is so important to your organization. Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer. You just need to work out the most profitable product mix. Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. Pdf marketing mix of 4ps for competitive advantage genevieve. It shows the degree of diversification of a firms activities. Product mix strategy and manufacturing flexibility. A product mix is the set of all products and items that a particular seller offers for sale. Marketing involves activities that provide a compre hensive definition. Combination of all the product lines constitute the product mix. An individual product in a line is known as a product item.
Product decisions or policy and strategy are concerned with the management of the products product portfolio and brand management a product is any offering to the market for attention, acquisition, use or consumption that might satisfy a need. Goi 2009 marketing mix is originating from the single p price of. Jun 25, 2018 length of the product mix refers to the total number of products in the mix. A complex of tangible and intangible elements to distinguish it in the market place. Putting the right product in the right place, at the right price, at the right time its simple. The overall product mix offering tends to be quite a strategic one as it pushes or restricts the brandfirm into competing in different parts of the marketplace. A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. Collins dictionary has the following definition of the term. Instead, the product marketing function focuses on a single product or product line across the marketing mix. A product line is a group of related products under a single brand sold by the same company. When you have a combination of multiple products and various product mixs, the product strategy becomes very critical to make sense and to have the right tactics up your sleeve for each product.
Product mix, also known as product assortment or product portfolio, refers to the complete set of products andor services offered by a firm. Lets look at a specific example of the product marketing role and a corporate marketing role. We build a theoretical model of multiproduct firms that highlights how market size and geography the market sizes of, and bilateral economic distances to, trading partners affect both a firms exported product range and its exported product mix across market destinations. Iosr journal of business and management iosrjbm issn. Marketing mix means the product, distribution, promotion and pricing. This appendix will also provide direction with regard to reporting product infusion on the cibmtr infusion form 2006. Product mix width, length, depth, consistency with examples. Product mix concepts product mix set of all products offered by the company for sale product line a group of related products constitute a product line e. Market definition, market segmentation and brand positioning. A product line often evolves, as manufacturers want to take advantage of a brands value and the success of other products in the mix. A product line is a group of closely related products with similar functions, customer groups, outlets and same price ranges. Lets take a stepbystep look at how this is done, using the example of company a, which offers three products. A product line is a group of related products produced.
Product is defined as anything that is offered to public for purchase by the company. A product line refers to a unique product category or product brand a company offers. The demand is modelled as a continuous process that can be applied realistically, considering that the manufacturer accepts anywe assume that the product mix is defined by the company, which cannot influence the overall demand. A product line is a group of related products produced by one manufacturer. Marketing mix is a group of marketing variables that the firm combines and controls, to produce the desired response in the target market. If a company has 5 product lines and 10 products under each product lines, the length of the mix will be 50 5 x 10.
Buyer types buyer types is a set of categories that describe the spending habits of consumers. When youre looking for the best marketing mix examples, you need a presentation that is robust and will help you achieve all your marketing strategies goals. Thus, product line width is a depiction of the number of product lines which a company has. Total number of items in the product mix of the company. Marketing executives believe that product lines give companies a competitive advantage. The product mix is a crucial tool in determining a products offering to the customer. Number of different product lines carries by the company. For an economy to have productmix efficiency, trading with nature must have the same price as trading with people. Pdf application of 4ps to marketing the information. Capacity and product mix in cost accounting dummies.
As you can see from the list of responsibilities, the product marketing function is not confined to only one aspect of the marketing mix. The 4ps make up a typical marketing mix price, product, promotion and place. This is where the concept of product mix and product line decisions occur, this. Some companies have thousands of different products in their mix. The product line refers to the list of all the related products manufactured or marketed by a. Product decisions or policy and strategy are concerned with the management of the products product portfolio and brand management.
The concept of the marketing mix guillaume nicaise. In marketing, the number of product lines offered is referred as the width of product mix. Tourism marketing is different because the customer purchases a series of services. For an economy to have product mix efficiency, trading with nature must have the same price as trading with people. The product mix also called as product assortment, refers to the complete range of products that is offered for sale by the company. Mar 14, 2020 the width of the product mix is equal to the number of product lines within a company. It has a combination of tangible and intangible attributes benefits, features, functions, uses that a seller offers a buyer for purchase. Marketing mix strategy is created using the 4ps of marketing product, place, price, promotion and 7ps in case of service physical evidence, people, process. Product mix decisions width, length, depth and consistency. That is, the profit margin for a company like walmart may not be high, but so long as most of its products have strong sales, it is in no danger of bankruptcy. When a company has many product lines and groups them together, it creates a product mix. Variables for explaining brand and product use 20,000 respondents from a study conducted by simmons market research. The definition that many marketers learn as they start out in the industry is.
What is product mix width product mix refers to the full range of products a company makes. Before turning to the product mix decisions, we first have to know what the product mix actually is. Width of the product mix is measured by the number and variety of product lines offered by a firm. Product mix is defined as the set of all products and items that a particular seller offers for sale. The tourism being a service sold to the customers, tourist experience is the product, which is intangible, and nonstorable. Generally speaking, a company offering a wider product mix carries less risk but also usually has a lower profit margin. Every company deals with limited capacity, so smart decisions about product mix can greatly increase your profit. However service marketing mix is related to three different variables for example people, process and physical evidence. For example, products that are intended to be used for similar purposes or to be sold in similar types of shops. The product mix is the variety of products a company produces or sells to the marketplace. The example of nike product line includes, footwear, apparel and sports equipment and every product line have similar products what is product mix. Product mix has three important aspectswidth, depth and consistency. At last, the consistency of a product mix is the close relationship between different product lines.
Make sure you include the 4ps of marketing and all your market research information to understand the best ways you can present your mix. Definition of product the intention of this appendix is to define the term product, and provide several examples of infusions using single and multiple products. A product mix consists of product lines, which are associated items that consumers. Sep 27, 2018 as said before, a product strategy helps you prepare for the future of the product and to give the right targeted direction to the product.
Companies sell multiple product lines under their various brands. The astrocosmo problem considered earlier is an example. However, the product line is a subset of the product mix. Another text, marketing management, uses as an example avon products inc. In cost accounting, product mix refers to the mix of products you produce. Product definition a product service is the most important component of the marketing mix being the centre of focus as the offer to the market. Generally the product marketing mix consists of product, price, place and promotion and it is generally used for marketing mix of tangible goods. Pdf the paper aims to investigate the influencing of marketing mix mm elements product, price, place or distribution, and promotion on. A range of associated products that yields larger sales revenue when marketed together than if they were marketed individually or in isolation from others.
Although product mix problems are seldom encountered in their simple textbook form in practice, they very frequently constitute important. Retailers carry a mixture of products to satisfy various customers. Product mix overview, dimensions and practical example. Product mix or product assortment is a set of the total number of products lines that a seller offers in the market to its buyers. Apr 08, 2020 a product mix is a group of everything a company sells.
1190 782 670 950 598 368 222 1283 1532 790 328 68 339 41 61 28 1508 786 1077 168 111 1129 359 30 1343 269 575 1146 89 956 209 715 428 1484 977 227 1419 338 900 1035 158 1263 1245 881 383 1135 892 649