Product Mix, another name as Product Assortment, refers to a number of products that a company offers to its customers. For example, a company might sell multiple lines of products, with the product lines being fairly similar, such as toothpaste, toothbrush, or mouthwash, and also other such toiletries. All these are under the same brand umbrella. Whereas, a company may have varied and distinct other product lines that may be in good contrast to each other, such as medicines and clothing apparel.
Product mix can also be understood as the complete set of products and services that are offered by a firm. A product mix consists of the product lines, which are associated items which a consumer purchases.
A marketing mix includes various areas of focus as a comprehensive part of the market plan. The marketing mix is best defined as a common classification that begins with the four Ps:
What Does an Effective Marketing Plan Suggest?
To have a broader range of areas of marketing than to fixating on one area. This will help reach a wider audience, and with these four Ps in mind, the marketing professionals are able to maintain their focus better on the priority things. Focusing on a marketing mix helps an organization to make strategic decisions while launching new products or revising their own existing products.
Marketing is the set of actions, or tactics, which a company uses to promote its brand or its product image in the market. The 4Ps which are Price, Product, Place, and promotion make a typical product mix for the business to achieve a standing on the market. Nowadays, the marketing mix includes several other Ps like Packaging, Positioning, People, and even Politics being vital among other elements.
Now we will head to discuss the four Ps.
This refers to the value which is put for a product. It depends on the costs of production, the segment that is targeted, the ability of the market to pay, the supply-demand, and a host of other direct as well as indirect factors. Pricing can also be used as a demarcation, to differentiate the products and enhance the image of a product. A businessman uses varied pricing strategies to sell their business overall.
This refers to the item that is actually being sold. This product must deliver a level of performance that is expected by the target customers, else even the best work on the other elements of the marketing mix will go in vain.
This refers to the point of sale. In an industry, catching the eye and mind of the consumer and anyway persuading them to buy is the main aim of a good distribution or 'place' strategy. Retailers for this pay a premium for the right location. The mantra that every successful business chant is 'location, location, location'.
Promotion means all the activities which are undertaken to make the product or service known to the user and known to the trade. This includes advertising, word of mouth, press reports, incentives, commissions, and awards to the trade. This even includes consumer schemes, direct marketing, contests, and prizes.
Width or breadth, that refers to the number of product lines which is offered by a company to its customers.
The length refers to the total number of products in a firm’s product mix strategy.
Depth refers to the number of variations that exist in a product line.
This refers to how closely the products in a product line are related to each other.
A popular and classic example of Product Mix is of the brand Coca-Cola. For simplicity, let us assume that Coca-Cola oversees only two product lines that are soft drinks and juice (Minute Maid). The Products that are classified as soft drinks are Coca-Cola, Fanta, Sprite, Diet Coke, Coke Zero, and the products that are classified as Minute Maid juice are Guava, Orange, Mango, and Mixed Fruit.
The product mix or the consistency of Coca-Cola would be high, as all the products within the product line fall under this beverage. In addition, these production and distribution channels remain similar for each of these products. The product mix of Coca-Cola in the example is illustrated as follows:
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1. What is a Marketing Plan?
Ans. A marketing plan is a type of operational document which outlines the advertising strategy. The organization will implement this marketing plan to generate and reach its target market. The functions and components of a marketing plan are to include market research to support the pricing decisions and new market entries.
This is a comprehensive document that outlines a company's overall marketing idea. The plan is a blueprint that outlines how a company will implement its marketing strategy, and use a combination of these resources to achieve its business objectives that include sales targets or customer acquisition.
2. What is the Importance of a Marketing Mix?
Ans. The elements present in a marketing mix influence each other. They make up the business plan for a company that is handled right, this can give it great success. Also, this can be handled wrong and the business could take years to recover. The marketing mix for a business to grow needs a lot of understanding, requires market research and consultation with several other people, from users to trade to manufacturing and several others who are connected with the company.
After all these a marketing mixes is curated which identifies and arranges the elements of its mix that allows a business to make profitable marketing decisions at each level. These decisions help a business to develop its strengths and limit its weaknesses. Marketing Mix surely helps the company to be more competitive and adaptable in its market.
3. Who are the Target Customers?
Ans. Target Customers or the Potential Customers whatever it is well known as is a broad group of customers who demand or get attracted to a specific product produced by a particular company.
Example: A sports company that manufactures sports shoes and energy supplement drinks targets to sell their products to all the young athletes in the country.