Quick Answer: What Is Product Mix And Its Elements?

What are product mix decisions?

The range of products offered by a firm is a critical strategic decision that will determine how the firm (and their brands) compete in the marketplace and the overall positioning of the brand..

What is Nike’s distribution strategy?

In its distribution channels, Nike focuses on direct selling to the consumer with Nike Direct. Comparing Nike’s distribution channels, direct sales to the consumer provide higher margins than do sales to wholesalers. Nike’s DTC sales have increased considerably, as has its contribution to its overall sales mix.

How does Nike promote their product?

In developing and maintaining its marketing communications mix, Nike Inc. applies a strategic combination of advertising, personal selling, direct marketing, sales promotions, and public relations. This combination allows the company to effectively promote its products and strengthen its brand image.

What is Nike’s product mix?

Nike Inc.’s Marketing Mix (4Ps/Product, Place, Promotion, Price) – An Analysis. Nike Inc.’s marketing mix (4Ps) determines the profitability and growth of the athletic footwear, apparel, and equipment business.

What are the 4 types of product?

Marketers usually classify consumer products into these 4 types of consumer products:Convenience products.Shopping products.Speciality products.Unsought products.

What are the 3 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 are the 4 classifications of products?

There are four types of product classification — convenience goods, shopping goods, specialty products, and unsought goods.

What are the main sources of new product ideas?

Sources of new product ideas include company employees, customers, competitors, outside inventors, acquisitions, and channel members. Both solicited and spontaneous ideas may emerge from the sources, and some even occur by accident.

What are the 3 components of a product?

A product is said to have three components:Core Benefits. The core product itself is the benefit the customer receives from using the product. … Actual Product. The core benefits are offered through the components that make up the actual product the customer purchases. … Augmented Product.

Why product is the most important in marketing mix?

The product is the most important element of the marketing mix. Developing a total marketing programme involve the marketing manager arming himself with the 4p’s of the marketing mix, i.e. product, place (distribution), pricing, and promotion. … The aim of the product is to satisfy the need and desire of the customer.

What is the difference between product mix and product line?

Product Mix. Both manufacturers and retailers must decide on width and depth of a product mix. This is done with strategies that determine a target market and an image. A product line is a group of closely related products manufactured and/or sold by a business.

What is product line strategy?

A product line strategy is a coherent approach to advance related products. It guides managers to improve the performance of their products and services, and to avoid disjointed actions and investments. A good strategy will respond to change, whether major disruptions or incremental.

What are the element of product?

The product mix includes four common elements: Length, breadth, depth and consistency.

What is product mix and product line example?

A product mix is a group of everything a company sells. However, the product line is a subset of the product mix. 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.

Why is product mix important?

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.

What is the meaning of 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.

Which is not the element of product mix?

Target market is not an element of the marketing mix. A target market refers to a group of potential customers to whom a company wants to sell its products and services.

What is a product category?

A product category is all the products offering the same general functionality.