Product Mix

The word product mix describe the variety of prduct that a company produce & market.
In other words,all the variety of products that a company offered to sale in the market is called product mix.

For Example:
Hindustan Unilever Ltd. produce number of product like Bathing soap, Washing cake, Washing powder, Food & beverages.

Bathing soap,Washing cake, Washing powder, Food & beverages are the product line & each product line having number of brand that is called Range.It means product mix is the sum of product line & range that is offered by company in the market.

Product Life Cycle

As human being goes through different stages in same way product goes through different stages.Basically, there are four stages of product life cycle--

Introduction
Growth
Maturity
Decline

Each stage having own importance.The product life cycle refers to success of each stage a product goes through.

Introduction Stage
Low sales volume
High cost
Losses

Growth Stage
Cost reduced
Increse sales volume
Profit

Maturity Stage
Very profitable
Low cost
Price drop due to competition
Sales volume on peak

Decline Stage
Sales start decline
Profit start decline
prices drop

Where Marketers can apply product life cycle
Product Category
Product Style
Product Item/Brand

Role of product manager

There are different roles of product manager in an Organisation
Analysis of product life cycle
Developing new product
Achievement of set profits
Control on cost & profit
Having good information of market
Control on product line
Wider knowledge of product
Good co-ordination of all activities

Tangible & Intangible components of Product

Tangible Components
Features
Colors
Size
Durability
Packaging
Taste

Intangible Components
Image
Prestige
Style
Quality
Warranty
Brand name

Product Differentiation

In marketing, product differentiation is the strategy that differentiate one company product from other.The objective of this strategy to attract potential cutomer,s towards product,see it unique from other.The differentiation can be so minor as change in packaging & change in advertising theme.

In simple way, if your target customers see your product unique from other definetly they will switch from other to you.

Four P's of Marketing Mix

There are four P's of marketing mix:

Product
Price
Place
Promotion

Every Ps has its own mix:

Product Mix
Price Mix
Place Mix
Promotion Mix

Product Mix:
Quality
Packaging
Labeling
Branding
Trademark
Size,Design
Colour,Featurs
Services
Competitors
Terms of delivery

Price Mix
Pricing Policies
Credit terms
Cost & Profit
Allowances & Discount

Place Mix
Distribution Channels
Transportation
Warehousing & storage
Inventory level
Positioning
Warranty

Promotion Mix
Advertising
Sales promotion
Personal Selling
Public Relations
Publicity
Direct Responses

Product Management

Product management deals with questions like:

what kind of product to produce and sell.
If there is need to add new product in product line.What new products to add.
If any existing product not genrating revenue for organisation then countinue with product or discountinue.
How to position a product in the mind of customer.
What kind of branding use: Individual branding or Family branding.