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.
Monday, March 2, 2009
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
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
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
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.
In simple way, if your target customers see your product unique from other definetly they will switch from other to you.
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