Product Mix

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MBA presentation on product mix.

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Marketing Management

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is the total composite of products offered by a particular organization. Product Mix

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individual products product lines

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is a group of products within the product mix that are closely related Product Line

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they function in a similar manner are sold to the same customer groups or fall within given price ranges are marketed through the same types of outlets

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Individual Product A product is a distinct unit within the product line.

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Price Appearance or some other attribute Size

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A company’s product mix has four important dimensions Product Mix

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WIDTH The number of different product lines the company carries LENGTH The total number of items the company carries within its product lines DEPTH The number of versions offered of each product in the line CONSISTENCY How closely related the various product lines

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Products and services fall into two broad classes based on the types of consumers that use them Consumer Product “Product bought by final consumer for personal consumption” Industrial Product an industrial product is based on the purpose for which the product is bought. Product Classification

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Consumer Product Convenience Product customer usually buys frequently, immediately, and with a minimum of comparison and buying effort Shopping Product In the process of selection and purchase consumers characteristically compare goods based on suitability, quality, price, and style. Specialty Products Products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Unsought Products Products that the consumer do not normally think of buying whether they know or does not know about.

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Industrial Products Materials and Parts These include raw materials and manufactured materials and parts Capital Items Aids in the buyer’s production or operation, including installations and accessory equipment. Supplies and Services Operating, repair and maintenance supplies, maintenance and repair services, business advisory services

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Although most customers would request high quality products if asked, the actual quality of the product may be high or low depending on the income levels in your target market, the nature of competition and how much your customer is prepared to pay. Quality has to be consistent with other elements of the marketing mix. A premium based pricing strategy has to reflect the quality a product offers. Quality and Value

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the science, art and technology of enclosing or protecting products for distribution, storage, sale, and use. Packaging also refers to the process of design, evaluation , and production of packages. Packaging contains, protects, preserves, transports, informs , and sells. Packaging

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Branding is an important element of the tangible product and, particularly in consumer markets. It is a means of linking items within a product line or emphasizing the new individuality of product items. Branding

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a particular area within the packing field that represents the outermost layer of the product. Labels have a strong functional dimension, in that they include warnings and instructions, as well as information required by law on best industry practice. Labeling

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Purposes of packaging and package labels Physical protection Barrier protection Containment/ agglomeration Information transmission Marketing Security Convenience Portion control

Packaging types:

Packaging types Primary packaging The material that first envelops the product and holds it. This usually is the smallest unit of distribution or use and is the package which is in direct contact with the contents. Secondary packaging is outside the primary packaging, perhaps used to group primary packages together. Tertiary packaging used for bulk handling, warehouse storage and transport shipping. The most common form is a palletized unit load that packs tightly into containers. These broad categories can be somewhat arbitrary. For example, depending on the use, a shrink wrap can be primary packaging when applied directly to the product, secondary packaging when combining smaller packages, and tertiary packaging on some distribution packs.

Package design:

Package design Identified requirements Structural design Marketing Shelf life Quality assurance Logistics Legal Regulatory Graphic design End-use Environmental etc. Package design may take place within a company or with various degrees of external packaging engineering: independent contractors, consultants, vendor evaluations, independent laboratories, contract packagers, total outsourcing, etc.

Environmental considerations:

Environmental considerations Prevention Waste prevention is a primary goal. Packaging should be used only where needed. Minimization also called "source reduction" Reuse Or returnable packaging Recycling reprocessing of materials into new products. Energy recovery Waste-to-energy Disposal Incineration & placement in a sanitary landfill Most favoured option Least favoured option

Branding:

Branding Branding is a way of giving identification to a company and its goods and services. Branding is actually a very general term covering brand names, designs and trademarks, which you may use to distinguish one product mix from another.

Branding:

Branding Brand name That part of the brand that can be spoken Brand mark The element of the brand that cannot be spoken, such as symbols Trade name commercial, legal name under which a company does business Apple Apple Inc.

Benefits of Branding:

Benefits of Branding The consumer Easier product identification Communicate features and benefits Helps products evaluation Establishes product’s position in the market Reduces risk in purchasing The manufacturer Helps create loyalty Defends against competition Creates differential advantage Allows premium pricing Helps targeting/positioning Increases power over retailer The retailer Benefits from brand marketing support Attracts customer Helps differentiate the product from competitors

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