What are the characteristics of product mix? Explain the important stages in the life - span of a product and discuss as to how it helps in the marketing of banking products.
Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. Your product lines may be fairly similar, such as dish washing liquid and bar soap, which are both used for cleaning and use similar technologies. Or your product lines may be vastly different, such as diapers and razors. The four dimensions to a company's product mix include width, length, depth and consistency.
Width: Number of Product Lines
The width, or breadth, of a company's product mix pertains to the number of product lines the company sells. For example, if you own EZ Tool Company and have two product lines -- hammers and wrenches -- your product mix width is two. Small and upstart businesses will usually not have a wide product mix. It is more practical to start with some basic products and build market share. Later on, the company's technology may allow the company to diversify into other industries and build the width of the product mix.
Length: Total Products
The product mix length is the total number of products or items in your company's product mix. For example, EZ Tool has two product lines, hammers and wrenches. In the hammer product line are claw hammers, ball peen hammers, sledge hammers, roofing hammers and mallet hammers. The wrench line contains Allen wrenches, pipe wrenches, ratchet wrenches, combination wrenches and adjustable wrenches. Thus, EZ Tool's product mix length would be 10. Companies that have multiple product lines will sometimes keep track of their average length per product line. In this case, the average length of your company's product line is five.
Depth: Product Variations
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