Question: What Is Product Mix And Its Elements?

What is the ingredient of price mix?

Price component of the marketing mix also involves establishing policies regarding credit and discount.

The variables that are taken into consideration while fixing prices are demand for the product in question, its cost, actual and likely competition, and government regulation..

What is the element of product?

The product is the most important element of the marketing mix. Developing a total marketing programme involve the marketing manager arming himself with the 4p’s of the marketing mix, i.e. product, place (distribution), pricing, and promotion. The product happens to be the first of these tools.

What is product mix and product line example?

A product mix is a group of everything a company sells. However, the product line is a subset of the product mix. A product line refers to a unique product category or product brand a company offers. For example, Patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc.

Why is product mix 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.

What are the 3 product mix strategies?

The major alternative product mix strategies (given by William Stanton and others) have been discussed briefly as under:Expansion of Product Mix: … Contraction of Product Mix: … Deepening Product Mix Depth: … Alteration or Changes in Existing Products: … Developing New Uses of Existing Products: … Trading Up: … Trading Down:More items…

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 are different types of services?

These 11 types of services are:Business services.Communication.Construction and engineering.Distribution.Education.Environment.Finance.Tourism.More items…•

What is the meaning of product mix?

Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. A product mix consists of product lines, which are associated items that consumers.

Which is not the element of product mix?

Target market is not an element of the marketing mix. A target market refers to a group of potential customers to whom a company wants to sell its products and services.

What are 2 main sources of new product ideas?

Sources of new product ideas include company employees, customers, competitors, outside inventors, acquisitions, and channel members. Both solicited and spontaneous ideas may emerge from the sources, and some even occur by accident.

What is the difference between product mix and product line?

Changing Mix Width The width of a product mix refers to the number of different product lines a company carries. A product line is a group of products that are closely related because they target the same market or have a similar function.

What are the elements of price mix?

Price (Mix): The combination of different ‘price related variables’ chosen by a firm to fix the price of its product is called Price Mix. Price related variables include pricing objectives, cost of product, competitor’s price, profit margin etc. Price is the amount of money customers have to pay to obtain the product.