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
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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
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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
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Advertising awareness metrics In addition to measuring brand awareness, firms will often look to measure advertising awareness through a similar/same survey of the target market. This would be an extension of the questionnaire discussed in the article on brand awareness metrics. There are four main advertising awareness metrics that can be measured through a questionnaire,
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Brand awareness: often the first marketing communications goal Brand awareness is fundamental to success in the marketplace; if consumers are unaware of the brand they are unlikely to become customers. This is why the first goal in a marketing communications plan for a new brand is to build awareness of the brand. What is brand
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Hierarchy of effects This is a marketing model designed to demonstrate how a consumer transitions from being unaware of a brand, to forming attitudes and understanding of that brand, to ultimately becoming an end customer. There are many versions of this hierarchy of effects model found in textbooks, but let’s start with a very basic
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Hierarchy of effects model and share of minds and share of hearts There are numerous hierarchy of effects models that are covered in marketing literature. Probably the most common one was developed in 1961 and is a six stage model usually included in a Philip Kotler marketing textbook. The following diagram is an expansion of
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Relative market share is a marketing metric used to compare the firm’s market share to the largest competitor in the market.
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Quick Overview of the BCG Matrix For those people familiar with the BCG matrix, you should recall that the horizontal axis measures relative market share. This is the more important of the two dimensions. A high or low relative market share makes the difference between a cash cow and a dog or a star and
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Free online CLV calculator The following free online CLV calculator is ideal for quick calculations of customer lifetime value. If you need a more detailed calculation of customer lifetime value, please download the free Excel template for calculating customer lifetime value. How use the free online CLV calculator You only need to enter three numbers
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