Product Mix also called product assortments is the set of all product lines and items that a particular seller offers for sale to buyers. A product mix may have four dimensions; breadth, length, depth, and consistency.
Product Mix Strategy:
While deciding on the company's product mix, the company may have the following four strategies:
Product-mix Expansion Strategy
Product-mix Contraction
Alteration of existing products
Trading Up and Trading Down Strategy
Product Line:
Product Line is a group of products that are in some way related-by being alternatives to fulfilling the same customer need, by being marketed to the same target markets or through the same distribution network, or by being in a common price category. In order to expand or improve the product line, marketers should focus on the following aspects:
