What is Product Mix | How to identify a product mix

 


Yesterday someone coined a term product mix and i had curiosity to learn and am happy to share what i have learned...

So Basically a product mix, also known as product assortment, is the complete set of products and services that a company offers to its customers. It includes all the product lines  and individual products within each line that the company sells. They are using four key dimensions to understand the product mix:

But before we dive in let me explain what product line is, it's the category of product which are similar and provide same kind of benefits can be placed in one category, it can very from company and industry to industry, its totally dependent on the management how they see their product mix. 

1. Width:

   - Refers to the number of different product lines(Category) a company offers.

   - Example: A company like Apple has a wide product mix that includes product lines such as iPhones, iPads, MacBooks, and accessories all these are the broad categories


2. Length:

   - This refers to the total number of individual products within a company’s entire product mix.

   - Example: Apple’s product line of iPhones includes several models like the iPhone 12, iPhone 13, iPhone SE, etc. these are the sub categories in the iPhones Category


3. Depth:

   - Refers to the variety within a single product line, such as different sizes, colors, features, or versions.

   - Example: Within Apple’s MacBook product line, there are different models like MacBook Air, MacBook Pro, each offered in various sizes, memory options, etc which is again a variant in each of sub category.


 4. Consistency:

   - This refers to how closely related the various product lines are in terms of use, production, distribution, and overall strategy.

   - Example: Apple’s product lines (iPhones, iPads, Macs) are all consistent in that they are high-tech devices and often work together within the same ecosystem sometimes there are companies or conglomerates who operates in various industries and they have multiple product mix for each industry or the definition of product line category is defined by them as per their convenience. 


Importance of Product Mix:

   - Customer Satisfaction: By offering a variety of products, companies can meet different customer needs and preferences.

   - Brand Image: A well-managed product mix can strengthen a company’s brand image.

   - Revenue Growth: Expanding the product mix allows companies to tap into new markets and increase sales.

   - Market Positioning: Companies can target various customer segments through diverse product lines.

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