Question: What Are The Product Mix Decisions?

What is product length and width?

The width is all about the number of different product lines the company carries.

The product mix length refers to the total number of items a company carries within the product lines.

For instance, Colgate carries several different brands within each line..

What is Nike’s product mix?

Nike Inc.’s Marketing Mix (4Ps/Product, Place, Promotion, Price) – An Analysis. Nike Inc.’s marketing mix (4Ps) determines the profitability and growth of the athletic footwear, apparel, and equipment business.

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.

What is product mix problem?

Describes the problem and presents the model and data files. As a first example, let’s consider a simple mathematical programming (MP) problem to determine an optimal production mix. The statement of the problem must specify the set of products and the set of resources. …

What is the best explanation of a product line?

What Is a Product Line? A product line is a group of related products all marketed under a single brand name that is sold by the same company. Companies sell multiple product lines under their various brand names, seeking to distinguish them from each other for better usability for consumers.

What is product mix and examples?

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. … Or your product lines may be vastly different, such as diapers and razors.

What are product mix strategies?

The product mix consists of all product lines and individual products marketed by a firm. Most firms market multiple product lines with many products in each line. However, sometimes companies can be very successful by having a limited product mix.

What are the important product mix and product line decisions?

Four important dimensions of a product mix can be identified. These are: width, length, depth, and consistency. The first of the product mix decisions refers to the product mix width. The width is all about the number of different product lines the company carries.

Why is product line important?

A product line is a set of related products which are sold to consumers under a sole name or brand. Product lines are important for three primary reasons: familiarity, product and brand diversification through market penetration, and created value.

What is Product Strategy example?

Examples of product initiatives include: Improve customer satisfaction. Increase lifetime customer value. Upsell new services.

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 line decisions?

Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. … While a smartphone and wireless earphones ( Apple air-pod and Samsung buds) are not the same, but the same type of customer uses them.

What is product decision?

Product decisions revolve around decisions regarding the physical product (size, style, specification, etc.) and product line management. Product decisions are based on how much the organisation has to adjust the product on the standardisation – adaptation continuum to differing market conditions.

What are some risks of adding a new product?

Risks Associated with Product DevelopmentRisk of major delays and economic costs due to belief that high utilization of resources improves performance. … Increasing costs as a result of processing work in large batches. … Risk of losing opportunities by “sticking” to a single development plan. … Risk of starting a product development task too soon.More items…

Why are product mix decisions so important?

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.

How can you improve a product?

Defining and Improving Product QualityUnderstand What Quality Is. … Build a Solid Product Strategy. … Implement a Quality Management System (QMS) … Make Quality a Part of Your Company Culture. … Perform Product and Market Testing. … Always Strive for Quality.

What are the two basic types of brand ownership strategies?

What are the two basic Brand Ownership Strategies? Brand Ownership Strategy which is owned and managed by retailers with no national advertising. Tactic in which companies use same brand name in a different product line. Tactic in which companies use same brand name within same product line.

What is the difference between product mix and product line?

Product Mix. Both manufacturers and retailers must decide on width and depth of a product mix. This is done with strategies that determine a target market and an image. A product line is a group of closely related products manufactured and/or sold by a business.