Question: What Is Product Mix Example?

What is the difference between product mix and product line?

Product Mix vs Product Line A product mix is a group of everything a company sells.

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..

How do I make my own beauty line?

So You Want to Start Your Own Cosmetic Line…The Simple 10-Step Guide to Starting Your Own Cosmetic Line. … Step 1: Know who you are doing it for. … Step 2: Figure out your business structure. … Step 3: Register and trademark. … Step 4: Lock down domain and social handles. … Step 5: Get funding. … Step 6: Insurance and Accounting. … Step 7: Get A Bank Account.More items…•

What is product line pricing?

PRODUCT LINE PRICING: Product line pricing refers to the practice of reviewing and setting prices for multiple products in coordination with one another.) … Product line pricing • Pricing different products within the same product range at different price points.

What is product length and width?

Width : Number of different product lines carries by the company. Length : Total Number of items in the product line. Depth : Number of version offered of each product in the line. Consistency : Closely related the various product lines.

What is product line width?

Width – Number of Product lines Width or breath of the product mix means the total number of product lines that a company offers to sell. For instance, if a company offers milk and yogurts, it indicates that it has two lines.

How do you calculate product mix?

Here’s the information you need about each product to calculate the sales mix variance:Number of actual units sold.Actual sales mix percentage: the number of actual units sold of a product divided by total units sold of all products.More items…•

How do I brand my product?

Here are a few simple, time-tested tips:Get a great logo. … Write down your brand messaging. … Integrate your brand. … Create a “voice” for your company that reflects your brand. … Develop a tagline. … Design templates and create brand standards for your marketing materials. … Be true to your brand. … Be consistent.

How do you create a product line?

We’ve put together 5 important steps to take if you want to start your own product line for your business and make it successful.1) DESIGN SOMETHING DIFFERENT. … 2) DESIGN FOR YOUR AUDIENCE. … 3) CHOOSE THE RIGHT GARMENT. … 4) FIND UNIQUE WAYS TO SELL IT. … 5) INCENTIVIZE YOUR CUSTOMERS.

What is product width with example?

Product Width: refers to number of separate product lines offered by a company. For example, the product width of Toyota may be 3, one each for product lines of sedans, pick-ups and SUVs. Product Depth: refers to the number of sub-categories within a product line.

What are the 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 an example of price lining?

Take Coca-Cola for example – its product lineup includes a variety of beverages like Fanta, Sprite, Tropicana, etc. And even within these product lines, there are products set at different prices because they vary by their ingredients or quantity or taste. This segregation within the product line is price lining.

What is product mix and its elements?

The product mix is the variety of products a company produces or sells to the marketplace. … Retailers carry a mixture of products to satisfy various customers. The product mix includes four common elements: Length, breadth, depth and consistency.

What is price lining strategy?

Price lining is a technique used by retailers to group common items at set price-points. Rather than setting the retail price based on cost or competition, price lining is a way to simplify the pricing of assorted goods by establishing tiered price points that can support assortments of goods.

What is the main advantage of price lining?

Advantages of Price lining Price lining provides options to consumers for a single product. They can choose from the range of products on the basis of their budget and on the basis of the particular features that they want in that product.

What do u mean by 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.

Why is product mix important?

Business Image 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.

How do I start a hair care line?

Thinking About Starting A Hair Care Line? Do this to Get Started!Find A Mentor. When it comes to starting any business, it’s important to find or have a mentor. … Identify Your Target Market. … Research The Products You Want To Create. … Test Your Hair Products Before You Sell. … Price Your Hair Products. … Get your Marketing Right. … Get Your Legal In Order.

What is product line example?

Definition: Product Line can be understood as an array of related products, under a specific brand, offered by a particular company to its customers. … Some examples of companies with multiple product lines are Proctor & Gamble (P&G), Indian Tobacco Company (ITC), Hindustan Unilever Limited (HUL), etc.