Marketing Product mix

Alteration
making changes to meet customer needs & wants; improvement of an established product. A product mix strategy in which a business makes changes to its products or product lines.
Brand Positioning
A branding strategy in which marketers create a certain image or impression of a brand as compared to those of competitors’ brands.
Broad Product Mix
many different product lines carried. A description of the width of a business’s product mix offering many product lines.
Business Feasibility Analysis
Examining such factors as demand, costs, competition, capital investment required, and potential profit of a product or service to determine how it will fit into the company’s product mix.
consistancy
associated with a narrow product mix. A product mix dimension referring to how closely a company’s product lines are related in terms of the products’ end use, methods of distribution and production, target market(s), and/or price range
contraction
narrowing or decreasing number of product lines carried. A product mix strategy in which a business removes, or deletes, product items or product lines from its product mix.
deep product mix
extensive variety within a product line. A description of the depth of a business’s product mix offering a great many items in the product line
depth
a product mix dimension referring to the number of products and the assortment of sizes, colors, and models offered in a product line.
expansion
a product mix strategy in which a business expands its product mix by adding additional product items or product lines.
family brand
A category of brands in which one brand is used for a group of related products in a product line.
narrow product mix
limited product lines carried, typically very specialized. A description of the width of a business’s product mix offering a limited number of product lines.
positioning
is all about perception, actions marketers take to create a certain image of a product in the minds of the customers. A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers.
product depth
number of items offered within each product line.
product elimination
the removal of a weak product from the market and from the company’s product mix, also known as product discontinuation.
product item
specific model, brand, or size of a product within a line. Each individual good, service, or idea that a business offers for sale.
product line
group of closely related products manufactured by a business, A group of related product items.
product mix
all the types of products a company makes or sells. The particular assortment of goods and services that a business offers to meet the needs of its market(s) and its company goals. (Product, Price, Place, Promotion)
product mix strategies
The ways in which businesses handle, or manage, their product mixes
Product Width
number of different product lines
Shallow Product Mix
limited variety within a product line. A description of the depth of a business’s product mix offering few items in the product line.
Trading down
Adding a lower-priced item to a line of prestige products to encourage purchases from people who cannot afford the higher-priced product, but want the status. Selling a lower price line than the original request because it would meet the customer’s real needs. A product-mix strategy in which a business adds a lower priced product or product line to its product mix.
Trading up
Adding a higher-priced product to a line to attract a higher-income market and improve the sales of existing lower-priced products. A sales technique in which the salesperson suggests a higher priced product than the one originally requested by the customer.
width
A product mix dimension referring to the number of product lines carried by a company.