Product Mix

Topics: Management, Marketing, Multiplication Pages: 2 (416 words) Published: January 9, 2013
A company's product line consists of a set of products that relates to one another; for example, a line of breakfast cereals. The product mix combines several product lines. A company may sell a line of breakfast cereals, a line of laundry detergents and a line of household cleaners. Building and managing a profitable product mix can give a company a large market share and create multiple income sources. Sponsored Link

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Rs.2000 credit and 30 day support Advertise Now! Coordinate With the Production Department
When you contemplate adding a new product line to your mix, you must ensure you have the production capacity to meet the demands of your project. Advertising a new product does little good if you cannot produce and ship that product in a timely manner. Meet with your production department to discuss what will be needed from it if you add a new product line. Seek Consistency for Branding Purposes

Your product mix should be consistent -- that is, it should represent a general category of products in the consumer's mind so that they he will recognize your company as a brand that offers a type of product. For example, you can offer T-shirts, shoes and sportswear and still represent yourself as a clothing company. While some large corporations offer dissimilar products, they generally do this under different brands for the different types of products. Go for Depth

You don't always have to look for a new product to increase your offerings. You can provide different versions of the same product, which is often called product depth. You could, for example, offer a computer for students, a more advanced model for businesspeople and smaller, portable models for travelers. This kind of product depth can increase sales without changing the type of product you offer. Assign Mangers to Different Lines

Each product line may require a specialized knowledge in production, marketing and sales. In fact, you may have entirely...
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