Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm.Consumer behavior reveals how to appeal to people with different habits tend to use together or think of as similar products or services.
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What is product mix and examples?
Product Mix, another name as Product Assortment, refers to a number of products that a company offers to its customers. For example, a company might sell multiple lines of products, with the product lines being fairly similar, such as toothpaste, toothbrush, or mouthwash, and also other such toiletries.
What is the product mix of the company?
A product mix is the total number of product lines and individual products or services offered by a company. Additionally referred to as product assortment or product portfolio.
What are the types of product mix?
6 types of Product Mix pricing to push products in the market
- Product line pricing.
- Optional feature pricing.
- Captive product pricing.
- Two part pricing.
- By Product pricing.
- Product bundling pricing.
Why is product mix important?
Understanding the product mix of a company is essential to study and analyze its brand image. A company with more product width and depth is seen as more diversified. More diversification means less risk as the company lowers its dependence on one product or product line.
What is product mix class 12?
“Product mix” means the total number of products and items that a particular marketer offers to the market.
What is the product mix of Coca Cola?
The width of the mix refers to the number of product lines the company has to offer. For example – if a company produces only soft drinks and juices, this means its mix is two products wide. Coca-Cola deals in juices, soft drinks, and mineral water, and hence the product mix of Coca-Cola is three products wide.
What is product mix decisions?
Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening any existing line, or bringing new variants of a brand to expand the business and to increase the profitability.
How do you determine the product mix?
Sales mix is the proportion of sales in individual product accounts for in a company’s total sales. You can find sales mix by comparing the profit earned by a specific product to the total amount of sales brought in by the company during a specific period of time.
How do you calculate product mix?
What is Sales Mix?
- Subtract budgeted unit volume from actual unit volume and multiply by the standard contribution margin.
- Do the same for each of the products sold.
- Aggregate this information to arrive at the sales mix variance for the company.
What is product mix Wikipedia?
Product mix, also known as product assortment, is the total number of variety of products that a firm sells to their customers. It measures the total number of product lines.The width of product mix is one of the four dimensions of product mix along with the length, depth and consistency of product mix.
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 the difference between product line and product mix?
A product line is one line of similar products that are sold within a company, whereas a product mix is the combined total of all the product lines sold in a company.
What are the 3 product mix strategies?
The major 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.
- Product Differentiation.
What is the product mix of Samsung?
Their products can be classified into: Mobile devices- Smartphones like Samsung Galaxy series, Tablets, Wearables, Phones Accessories. Samsung Home Appliances- Refrigerators, Cooking Appliances, Washing Machines, Air conditioners, Vacuum cleaners. TV/AV – Samsung Television, Accessories, Audio and Video accessories.
What is product mix class 11?
1. Marketing mix is the combination of Product, Price, Promotion and Place activities. 2. A product is anything that can be offered to a market for attention, acquisition, use or consumption.
What is product mix in linear programming?
Describes the problem and presents the model and data files. Inside production is subject to some resource constraints: each product consumes a certain amount of each resource.In contrast, outside production is theoretically unlimited.
What is product mix of Hul?
Others include chemicals and water business. HUL’s product portfolio includes leading household brands such as Lux, Lifebuoy, Surf Excel, Rin, Wheel, Fair & Lovely, Pond’s, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pureit.
What is the product mix of apple?
Apple Software – iTunes, iCloud, iBook, and their MacOS are just some of the intuitive software that is available across all of Apple’s devices. Combined together they are one of Apple’s key product lines that really tie all their devices together.
What is price mix?
PRICE MIX is the value of the product determined by the producers. Price mix includes the decisions as to: Price level to be adopted; discount to be offered; and, terms of credit to be allowed to customers.PRICE MIX is the value of the product determined by the producers.
What sales mix means?
The sales mix is a calculation that determines the proportion of each product a business sells relative to total sales. The sales mix is significant because some products or services may be more profitable than others, and if a company’s sales mix changes, its profits also change.