When developing a new product for a company, a series of steps need to be completed – as often discussed in marketing principles textbooks in the product mix chapter, under the heading of the individual product decisions.The main steps that are usually discussed in marketing textbooks include:product attribute decisionsbranding decisionspackaging and labeling decisionsproduct support services/product […]
Individual product decisions Find Out More...
Marketing textbooks, when discussing the product mix, usually outline a series of decisions in regards to product attribute decisions.Attributes of a product are the various components that make up the product. Usually product attributes extend to actual features, as well as uses and benefits. But it is probably easiest to think of attributes as the
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The overall product mix for a firm is the complete range of products that they offer in the marketplace. It is also sometimes referred to as their product assortment.There are multiple decisions to make in regards to an overall product mix for a company. Product mix decisions are quite strategic and will determine how the
Product mix example Find Out More...
What is a product mix?A product mix is also referred to as a product assortment. It is the full range of products offered by a firm. As discussed in another article on this website, firms will have sets of products in what is known as a product line.Large firms would generally offer several product lines
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What is a product line?A product line is a related set of products offered by a firm. For example, Apple offers computers, smart phones, tablets, MP3 players, smart watches, and online services. Each of these would be considered a separate product line and under each product line they could offer a broad range of different
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What is a product line?A product line can be defined as a set of products offered by a company that are similar in function and benefit. These sets of products are also usually sold through the same distribution channels to the same target market at a relatively similar price range.In many ways, the decision of
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Just in the same way that consumer products can be classified into similar categories of products, business or industrial products can also be classed together. These classification schemes are helpful for marketers to understand the fundamental marketing challenges of the products that they manage.In both sets of classification schemes – consumer products and business/industrial products
Classifying business products Find Out More...
In marketing terms, product augmentation is a set of associated services and other benefits that are provided to a consumer in addition to the actual product that they are purchasing. This article provides a 50+ list of some potential ways and ideas that a product can be augmented.
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Most marketing textbooks will show the products as having three distinct levels, namely the core benefit or need, the actual product itself, and the augmented product.Please note that there is a separate article on this website that discusses the three product level model.However, in some more advanced marketing textbooks, this model is expanded to include
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In marketing textbooks, consumer products are often shown classified into one of four classes – namely, convenience products, shopping products, specialty products, and unsought products. This is a very old marketing model that is still current and relevant today.There are several articles on this website discussing the specific marketing implications and marketing mix guidelines for
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