Product Mix - Part Two.pptx

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1. Product Mix & Product Line Concepts Product Marketing Mix – Part Two

2. Learning Objectives In Part Two of the Product Marketing Mix we’ll learn about: Product Management – Overall Scope of Activities Product Management – Goals & Objectives Product Management – Activities Product Management – Strategy

3. P roduct M ix – Overall Scope Four Terms Marketers Use to Evaluate a Product Mix at a Company: Length Width Depth Consistency

4. Product Mix The overall assortment of products that a company offers to a market Width – how many different product lines? Length – the overall number of items in the entire product mix or catalog Depth – The no. of variants offered in a product line Consistency – how closely the product lines are related in usage

5. Product Line 1 Product Line 2 Product Line 3 TABLES Kitchen Dining Room End Coffee Outdoor Conference Computer CHAIRS Dining Room Living Room Bedroom Outdoor Desk LAMPS Table Ceiling Track Desk Product Mix: Width The ‘Width’ of a company’s product mix typical refers to the number unique or discrete product lines they have, for example:

6. CONCEPTUALIZATION OF PRODUCT MIX Tata Motors Tata Steel Tata Tea BUS TRUCKS PLATES GEMINI TEA BARS CARS WIDTH D E P T H The benefit of a wide product mix facilitates one stop shopping In contrast to the ‘width’ of a product mix, ‘depth’ refers to the overall number of product ‘subgroups’ within a specific product line…

7. Key Benefits of Width & Depth Product Line ‘Width’ typically enables a marketing strategy of ‘one-stop’ shopping; Product Line ‘Depth’, in addition to the one stop shopping, also allows the manufacturer to capture efficiency of scale by sharing common components or assemblies across multiple products;

8. Product Management

9. Product Management Is a common management position in many larger enterprises, especially in manufacturing, or with sophisticated products that require dedicated training and expertise;

10. Product Management Definition: The process of managing all aspects of the marketing mix, including pricing, promotion & advertising, product design, features and benefits, and logistics/channel management within the market of a single product line within a business enterprise.

11. Product Management: Product Management Components Factors That Influence Change Product Management Strategies Product Management Objectives

12. Product Management Objectives Design product strategies Identify market opportunities Manage each stage of product life cycle Generate new product ideas and product upsell opportunities Ongoing in-depth analysis of competitors

13. Product Management Activities: Planning Forecasting Marketing

14. Factors That Influence Change Product Management Skills

15. Factors That Influence Change Changes in market demand Cost of production Quantity of production Changes in company desire Competitors actions and reactions

16. Product Mix Strategies Expanding the product mix Reducing or eliminating the product mix Altering existing products Examples of typical product management strategies that are commonly used;

17. In the Final Presentation About Product Marketing… We’ll talk about launching new products, and the concept of product lifecycles;