What is a product line simple definition?
What is a product line simple definition?
A product line is a group of related products all marketed under a single brand name that is sold by the same company. Companies often expand their offerings by adding to existing product lines because consumers are more likely to purchase products from brands with which they are already familiar.
What is product line and product mix decision?
A product mix is all of the product lines that the company sells in the marketplace, and not those still in the development or testing stages. For example, a company’s product mix may be constituted of cosmetics, toiletries, and medicine.
What are the major objectives of product line decisions?
Primary aim of product mix decisions is sales and profit maximization. Product Line Decisions: Product line refers to a group of same products. Product line decisions refer to decisions relating to addition or deletion of product from the existing product line.
What is product line in marketing management?
A product line is a group of products that a company creates under a single brand. The products are similar and focus on the same market sector. Maybe their function or channel distribution are the same or similar. We call the activity product lining. A company can have more than one product line.
What is product line decision with example?
Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. While a smartphone and wireless earphones ( Apple air-pod and Samsung buds) are not the same, but the same type of customer uses them.
Is product line and product mix the same?
Product Mix vs Product Line A product mix is a group of everything a company sells. However, the product line is a subset of the product mix. A product line refers to a unique product category or product brand a company offers.
What are product line decisions?
Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. They are known to customers as smartphone makers, but they are more than that. Both Samsung and Apple provide chargers, wired earphones, wireless earphones, smartwatch, and more.
What are product decisions?
Product decisions revolve around decisions regarding the physical product (size, style, specification, etc.) and product line management. Product decisions are based on how much the organisation has to adjust the product on the standardisation – adaptation continuum to differing market conditions.
What are the influences of product line decisions?
There are lots of external and internal factors affecting the product line decision of a particular product line manager. The decision about the product line ultimately is a function of the company’s short term and long term, objectives and the external and internal factors as mentioned earlier.
How do you develop a product line?
5 Steps to Launching a New Product Line
- Define Your Target User. Do you want to create something that your existing customers will love, or something that will attract new customers?
- Product Validation.
- Develop a Go-To-Market Strategy.
- Set The Pre-Launch Stage.
- Develop the Next Product.
- The Bottom Line on Launching a Product.
What is a product lifecycle?
The term product life cycle refers to the length of time a product is introduced to consumers into the market until it’s removed from the shelves. The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline.
What does it mean to make product line decisions?
Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. To understand Product Line Decisions simply, we can look at a smartphone manufacturer, like Samsung and Apple. They are known to customers as smartphone makers, but they are more than that.
What is the definition of a product line?
According to Philip Kotler, a product line can be defined as “a group of products that are closely related because they function in a similar manner, and sold to the same customer groups, are marketed through these same types of outlets, fall within given price range.”
Which is an example of a line pruning decision?
Line Pruning Decision means to reduce the depth of a product line by removing unprofitable products from the existing lines. Crystal Pepsi launched in the market and discontinued after some time. Here are a few examples of product lines from some of the reputable companies. Product Line of PepsiCo.
How is the length of a product line determined?
In order to find that out, each item in the product line should be assessed on a regular basis in terms of sales and profits. Then, the company can understand how each item contributes to the product line’s overall performance and make the right product line decisions. The product line length can be influenced by company objectives and resources.