A product can be explained as any commodity that is purchased by an organization to satiate the requirement of the end consumer. It is the real product which is acquired for the sale purpose in the market. An organization generally trades off those products in the market. A corporate generally deals in various categories of products. For example, Coke-Cola has over three thousand five hundred products in total. And these are not just products but different brands in the summary. All the various brand products are famous for different product lines. A blend of such product lines comprises of the product mix.
Marketing: Product Mix
The concept of product mix is famous as an assortment of product which is the sum of product lines which a company has got to provide its customers with. Also, at the same time such product lines when brought together create a product mix of the aforesaid organization for a product mix example such as Coca-Cola. On the other hand, the product mix is a subgroup of marketing mix which is a significant element of the business approach of an organization. The product mix measures as follows
The extent of the product means to the actual quantity of lines of product a corporate has got to furnish its customer base with. For instance, if an organization manufactures juices and soft drinks, these outcomes as a blend of multiple products alongside. Coca-Cola is involved in soft drinks, mineral water, juices and therefore the product mix of the company is in total 3 products in extent.
The longitude of a product mix means to sum of available products in the product mix. This is in case a company has more than 5 lines of product to deal with and every line is comprising of at least 10 product offerings, hence the longitude of product mix is 5×10 which is 50.
The deepness of a product mix means the sum of available products in a product line as there can be a precise variance in products of the same category. Let’s say Colgate offers numerous flavors inside the similar line of product such as Colgate active salt, Colgate advanced, etc.
A company’s product mix uniformity means how up close the company products are related to each other. The lesser the variance amid the products greater will be the uniformity. Let’s say, an organization which is involved in dairy products has greater stability in contrast to an organization which is involved in buying and selling of consumer durables. Let’s have a look at product line vs product mix.
Product Line vs Product Mix
In general, a product mix is the cluster of anything and almost everything which a company deals with. Although, the line of product is a subgroup of a company’s product mix. Let’s say Patanjali is into various types of products such as flour, toothpaste, flour (consumer durables), etc. All the various products are a variance of product lines for the organization and altogether comprise the company mix products. Hence explaining the product mix vs product line.
The ideal example of product mix
The MNC Coca Cola houses product brands such as Sprite, Fanta, Thumbs up, Minute Maid and so on all under one umbrella. These may comprise the extent of the so-called product mix. In total, the brand houses about +3500 products all single-handed managed by the conglomerate of Coca-Cola. These may comprise of its longitude. Okay talking about Minute maid juice does hold flavors such as mixed fruit, apple juice, lemonade and so on. They all together make up the bottom of the product line ‘Minute Maid’. Also, this conglomerate involves all major sort of drinkable soft beverages and therefore has an abundance of product mix congruity for the product line and product mix.
Product Mix mainly relies on the below factors
1. Age of the company
2. The financial backing
3. Operation areas
4. Identity of the brand
Majority of the corporates begin with a contained scope, uniformity, longitude, and extent along with high uniformity of product mix, on the other hand, corporates have a lesser uniformity of product line vs product mix.
This was the complete article on product line and product mix with product mix examples in it. If you have any question related to product mix vs product line then you can mention them in the comments down below.