Major types of product mix strategies marketing notes. Product mix strategy and manufacturing flexibility. We will model two situations, considering the flexibility and inflexibility of the equipment concerning the product mix. The article discusses that marketing mix is one of the main objectives of the marketing mix elements for setting objectives and marketing budget measures. Marketing mix of itc analyses the brandcompany which covers 4ps product, price, place, promotion and explains the itc marketing strategy. Increasing customization requires flexible investments. Before proceeding towards the main topic product mix pricing strategies in marketing first you should be aware of this common marketing terms product mix or product portfolio. Product mix and product line understanding product. Marketing mix of dominos analyses the brandcompany which covers 4ps product, price, place, promotion and explains the dominos marketing strategy. Organisations compete heavily for the attention and custom of the consumer through their advertising. Product mix decisions width, length, depth and consistency. A gapfilling this research paper exposes the attitudinal effects on the decision b making process of consumers in purchasing fmcg products.
Marketing mix is a greatest strategy for attaining competitive advantage for any firm. Product mix strategy by gaurav free download as powerpoint presentation. Highlights we consider growing mix complexity problem. The example of nike product line includes, footwear, apparel and sports equipment and every product line have similar products what is product mix. Strategies for marketing mix of 4ps for competitive advantage the marketing mix by 4ps is a conjuration and it can only be implemented by marketing managers. In this study, an attempt is being made to find out whether marketing mix components impact strategy, and thus influence performance.
Product decisions or policy and strategy are concerned with the management of the products product portfolio and brand management. The product mix is a subset of the marketing mix and is an important part of the business model of a company. Your selection of a pricing strategy should be based on your product, customer demand, the competitive environment, and the other products you will offer. Byproduct pricing refers to setting a price for byproducts to make the main products price more competitive. Marketing mix refers to determining which elements of the product are necessary for successful selling. The product mix represents the collection of different products that a business offers its customers. For example, patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc. Product mix strategies price lining x is a special pricing technique that sets a limited number of prices for specific groups or lines of merchandise. Ch8 managing products, product lines, brands, packaging. Product life cycle and marketing management strategies milind kamthe, dr. The learning objectives for this module include understanding the steps to develop a marketing strategy what is meant by marketing mix guiding principles behind developing a product strategy challenges in. A marketing playbook defines the key messages, types of communications, best practices and optimisation techniques that should be used to maximise returnoninvestment for different marketing objectives. Firms need to consider many product decisions including product design, product features, product quality, product branding, target market and product positioning.
A product line is a group of closely related products with similar functions, customer groups, outlets and same price ranges. Launch a product using race planning to structure your marketing activities. Line stretching a company stretches its product line beyond the current range of products. The width of the mix refers to the number of product lines the company has to offer. Oct 31, 2017 download premium resource product launch playbook. Pdf product mix strategies sahibzada a abas mastana. The 4 ps of marketing mix and how to master it in todays world updated with example and template this article addresses how to use one of the oldest marketing concepts in todays online world. Every company deals with limited capacity, so smart decisions about product mix can greatly increase your profit. Pdf as a chandler founded the coca cola company back in 1886 and it is headquarter in atlanta, georgia, united states. Positioning is an important aspect which helps the. Thus, product line width is a depiction of the number of product lines which a company has.
Marketing communication attempts to provide information to the consumer. Before turning to the product mix decisions, we first have to know what the product mix actually is. A firm may decide to expand its present mix by increase the number of lines or the depth within the lines. Selling price positioning can minimize customization costs. Here is the marketing mix of pepsi that analyses the four ps including product, price, place, and its promotional strategies. Upcoming schedule product strategy tuesday 322 lecture thursday 324 class discussion on truearth healthy foods. It is the result of the fact that producing products and services often generates byproducts. Creating the best marketing mix for a product launch. Major types of product mix strategies 1 expansion strategy. Although product mix problems are seldom encountered in their simple textbook form in practice, they very frequently constitute important. Augmented productaugmented product levels of product 6 customer value hierarchy core benefit drill holes. Creating the best marketing mix for a product launch smart. The product strategy and mix in zara marketing strategy can be. The report concludes with a proposal on the marketing mix for the new product, as well as the product development strategy.
Product mix and product line understanding product length. Product life cycle and marketing management strategies. A marketing strategy that is well articulated will enable one to focus on marketing activities to. We refer to investment choice, product mix strategy and sales price positioning. It has a large portfolio of products of which 22 are billiondollar brands.
Simply, it shows the number of items in the product line. It offers the ability to expand your customer base by offering more products in more niches. Marketing mix of lush analyses the brandcompany which covers 4ps product, price, place, promotion and explains the lush marketing strategy. Product differentiation involves establishing superiority of products over the competitors. Developing marketing strategies for enhancing the use of solar energy products anupamaa s chavan 74 chapter 5 marketing strategies an overview marketing strategy is a broad plan for achieving marketing objectives. You just need to work out the most profitable product mix. Knowing your competitors and your target market will give you an idea on coming up with a product that appeals to customers. 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. This can be applied for the same volume of demand, assuming different indices in the product mix. Product is one of the four elements that make up the marketing mix, also known as the 4ps. Analyzing the effectiveness of marketing strategies in the.
Pdf product strategies of companies in the fmcg industry. A company like hul has numerous product lines like shampoos, detergents, soaps etc. The combination of all these product lines is the product mix. The breadth of a product mix shows the different kinds of product lines that firm carries. For example if a company produce only soft drinks and juices, this means its mix is two products wide. This dimension of the product mix represents the extent to which the activities of the firm are diversified. It is also a very important component of a marketing plan as it determines your firms profit and survival.
Product mix pricing strategies in marketing study lecture notes. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The variety of products that a company produces, or that a retailer stocks is known as product line. Product mix strategies trading upoffer high priced, prestige products to their existing product line in an effort to increase the sale of their low priced products and enhance the company image e. This strategy involves no change in price, qualities, features, or varieties. Marketing mix, commonly known as the mccarthys 1960 4ps, consists of product, price, place and promotion. Product mix width, length, depth, consistency with examples. Now lines may be related or unrelated to the present products. 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. Apr 08, 2020 a product mix is a group of everything a company sells. Strong product planning is crucial for the company if any step fails, then the entire initiative might be doomed.
Marketing strategies and their impact on marketing. A marketing strategy is a business overall game plan for reaching people and turning them into customers of the product or service that the business provides. 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. Top 8 alternative product mix strategies your article library. With an understanding of the product mix, businesses can develop a strategy to reach their. Philip kotlers contributions to the field of marketing philip kotlers status as a major thought leader in marketing is widely. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product.
Price lining and bundle pricing optional and captive product pricing product mix pricing strategies adjusting prices to maximize the. Consumers are exposed to thousands of marketing communication messages every day. Your marketing mix should be something you pay careful attention to because the success of your business depends on it. The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale. Each of the four ps is a variable you control in creating the marketing mix that will attract customers to your business. The product strategy and mix in dominos marketing strategy can. As explained, product mix is a combination of total product lines within a company. Mar, 2011 product mix strategies product line analysis too short vs too long companys objectives affect product line length market share and higher profitability 7. Every organization has a product mix that is made up of product lines. There are many alternatives for varying the product in the online context when a company is developing its online strategy. We consider that there is always a balance between the volumes and prices for each index. Here i am mentioning three most common definitions of product mix. You need to do extensive customer research in building a good marketing mix. Price is a very important component of the marketing mix definition.
Optional product pricing involves setting prices for accessories or options sold with the main product. The marketing mix, in its general form, includes deci sions and activities of business firms in the areas of product policy, channel policy, promotional policy, and pricing policy. Product mix strategies product mix pricing strategies x involve adjusting prices to maximize the profitability for a group of products rather than for just one item. Since product strategies are an essential part of companies marketing. As of 2020, there are several itc marketing strategies like product service innovation, marketing investment, customer experience etc. Marketing mix of zara analyses the brandcompany which covers 4ps product, price, place, promotion and explains the zara marketing strategy. 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. Very often, strategy formulation is a process which considers the marketing mix components and their interactions. So, to keep our product launch customercentered we have to consider audience too.
The astrocosmo problem considered earlier is an example. The four important types of retail marketing mix are discussed below. Lush marketing mix 4ps lush marketing strategy mba. Development of successful product mix strategies depends on analyzing existing products for market growth and market share. For a company selling dog collars, a product mix example could be all the different styles and designs of collars. Companys product strategy is defined along these four dimensions of product mix. Product mix pricing strategies pricing the product mix. Product and pricing strategies programs, courses aiu. A product mix is an important consideration for any firm.
A product mix definition is the list of products andor services a business offers for sale. Product mix or product assortment is a set of total number of products lines that. Managing the product includes product planning, product development, product design, product mix, product innovation, standardisation and branding. A product line refers to a unique product category or product brand a company offers. However, the product line is a subset of the product mix. The study and practice of marketing have broadened considerably, from an emphasis on marketing as a functional management issue, to a wider focus on the strategic role of marketing in overall. As of 2020, there are several lush marketing strategies like product service innovation, marketing investment, customer experience etc. Mar 14, 2020 the width of the product mix is equal to the number of product lines within a company.
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