What is product mix in marketing exactly! Let’s understand this concept with the help of definition, meaning, elements and examples.
Definition of Product Mix
This is the set of all products and items a particular seller or manufacturer or marketer offers to the market (Consumer). It is also called as a Product assortment.
- Google has different product lines – Search, Advertising, Maps etc.
- Michelin has 3 lines – Tyres, Maps and Restaurant rating Services
Product is a bundle of satisfaction of a customer buys. Product can be divided into two levels know more
- Another related concept is Product Systems.
- A Product System is a group of diverse but related items that function in a compatible manner.
Example: Computers – includes attachable products mouse, headphone, keyboard, etc.
Elements of Product Mix
This includes 4 Important Elements
Width means Total Numbers different product lines of the company.
Example: HUL, Proctor and Gamble, Godrej, Tata, Reliance having product mix width of more than five lines.
Length means the Total Number of items in the mix.
Example: Suppose HUL has total no. of products 30. So the length of P & G Product Mix will be 30.
We can calculate the average length of Product Mix from Total length and Product line. Suppose HUL has 6 product lines.
So the average length will be 5. (30/6=5)
Depth means numbers of variants offered of each product in the line.
Example: Rin comes in two scents, Park Avenue Deo comes in 3 Variants etc.
Vim Bar & Vim Liquid
If the tide has 8 different variants, then the depth of that product will be 8.
We can calculate the average depth by averaging No. of variants within the brand group.
Consistency means how closely related to other product lines.
Degree or Extent of Similarity between product lines with respect to end-use, technology, production techniques/requirements and distribution channels or some other way.
Example of Elements of Product Mix
|Product Mix Width|
|Product Length||Personal Wash||Laundry||Skin Care||Hair Care||Oral Care||Deodorants||Ayurvedic Care|
|Fair & Lovely
Example: Hindustan Unilever Mix
The trick to Remember: ABCD GRIPSS QV
- After Sales Service
- Guaranty Warranty
Classification of Product Line Appraisal
Product line appraisal can be divided into two classes –
- Line Stretching
- Line Pruning or Line Trimming
Line Stretching can be divided in to
- Stretching up
- Stretching Down
- Line Filling