product mix

(noun)

The complete set of all products a business offers to a market. The product mix is made up of both product lines and individual products.

Related Terms

Examples of product mix in the following topics:

  • Product Line Breadth

    • The breadth of the product mix consists of all the product lines that the company has to offer to its customers.
    • The product mix breadth is five.
    • The product mix (sometimes called "product assortment") is made up of both product lines and individual products.
    • This means that the product mix breadth is five.
    • Describe the relationship between product line breadth and the product marketing mix

  • Characteristics of the Product

    • The unique characteristics of a product should be used as inputs in determining the product's marketing mix.
    • Product characteristics help determine the marketing mix, potential target market and the pricing of a product.
    • Characteristics of a product also help to determine the price of a product.
    • It is the combination of demand for a product and its price that help determine the marketing mix.
    • Examine how the characteristics of a product impacts the selection of a promotional mix

  • Product, Placement, Promotion, and Price

    • Product, placement, promotion, and price are four elements of the marketing mix crucial to determining a brand's unique selling proposition.
    • Product, placement, promotion and price are the four elements of the marketing mix.
    • The marketer must also consider the product mix, which includes factors such as product depth and breadth.
    • Marketers should consider how to position the product, how to exploit the brand, how to exploit the company's resources, and how to configure the product mix so that each product complements the other.
    • The marketer should set a price that complements the other elements of the marketing mix.

  • Promotional Objectives

    • There are three main promotional objectives: inform the market, increase demand, and differentiate a product.
    • The promotion mix is an element of the marketing mix.
    • Eventually a product will reach its saturation point, at which time investing in sales will decrease as the company focuses its attention on a new product.
    • Present information about the product: In order for customers and consumers to want the product they need to understand what the product is and how it benefits them.
    • Information about the product will differ depending on the specific target market.

  • Making Appropriate Changes to Product, Placement, Promotion, and Pricing

    • Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment.
    • Today, the marketing mix--product, placement, promotion and pricing--must take into account both online and offline buyers; traditional media, and digital media.
    • Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment .
    • Amazon also allows companies to advertise their products by paying a fee to be listed as featured products.
    • Promotion is probably the marketing mix element most impacted by social media.

  • Creating a Marketing Mix

    • To do so, managers use a technique called the "Marketing Mix" (commonly called the four P´s):
    • Product: What is the product or satisfactor that best fulfills my customer's needs?
    • Price: What should be the appropriate price for this product that allows it to compete with other products in the same segment or substitute products?
    • The key is to choose a marketing mix that is efficient.
    • State the information to consider when deciding on a marketing mix

  • The Relationship Between Product and Promotion

    • These changes also have prompted brands to customize their global marketing mix for different markets, based on local languages, needs, wants, and values.
    • Moreover, promotion is one crucial component of the mix that enables a global company to send the same message worldwide using relevant, engaging, and cost-effective techniques.
    • While global promotion enables global brands to engage in uniform marketing practices and promote a consistent brand and image, marketers also face the challenge of responding to differences in consumer response to marketing mix elements.
    • Promotional and product marketing challenges also come into play when dealing with differences in brand and product development and fending off local or global competition.
    • Illustrate the relationship between product and promotion from a global marketing perspective

  • Changes in Pricing

    • In the global marketing mix, pricing factors are manufacturing cost, market place, competition, market condition, and quality of product.
    • As one of the four "Ps" in the marketing mix, pricing is the only revenue generating element.
    • Support a product's positioning so that it is consistent with product, promotion and placement
    • Like national marketing, pricing in global marketing is affected by the other variables of the marketing mix.
    • Placement, product and promotion work in concert with pricing in the global marketing mix.

  • Changes in Placement

    • The global marketing mix comprises four main elements: product, price, placement and promotion.
    • Although product development, promotional tactics and pricing mechanisms are the most visible during the marketing process, placement is just as important in determining how the product is distributed.
    • Successfully positioning products on a global scale also requires marketers to determine each product's current location in the product space, as well as the target market's preferred combination of attributes.
    • These attributes span the range of the marketing mix, including price, promotion, distribution, packaging and competition.
    • Regardless of its size or visibility, a global brand must adjust its country strategies to take into account placement and distribution in the marketing mix.

  • Development

    • Development involves setting product specifications as well as testing the product with intended customer groups to gauge their reaction.
    • While the laboratory technicians are working on the prototype, the marketing department is responsible for testing the new product with its intended consumers and developing the other elements of the marketing mix.
    • The product concept is a synthesis or a description of a product idea that reflects the core element of the proposed product.
    • The product itself can be exposed to consumer taste or use tests.
    • Packaging, labeling, and other elements in the mix can be similarly studied.