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PRODUCT MIX OF
Set of all products offered for sale by company.
It consists of various product line.
Any company's product mix has four dimensions:
Less the variation among products more is the consistency. For example, a company dealing in just dairy products has more consistency than a company dealing in all types of electronics.
PRODUCT MIX OF Hindustan Unilever Limited
Product line managers need to know the sales and profits of each item in their line to determine which item to build, maintain, harvest or divest. They also need to understand each product line's market profile and image
Companies should recognize that different items will allow for different margins and respond differently to changes in level of advertising
Product mapping is the practice of matching your products to your competitor's products in order to make accurate, apples-to-apples price comparisons. This allows retailers to gain a better understanding of these products and implement data-driven interventions to improve conversions.
Line Stretching occurs when a company lengthens its product line beyond its current range whether down-market, up-market or both ways.
A firm lengthens its product line by adding more items within the present range.
Motives for line filling include
Line filling is overdone if it results in cannibalization and customer confusion.
The company needs to differentiate each item in the consumer's mind with a just-noticeable difference.
In this, the firm searches for a set of prices that maximizes profits on the total mix. This is a challenging process because various products have demand and cost interrelationships and subject to different degrees of competition.