On the other hand, product line refers to related products with similar users and functions. The product is the most tangible and important single component of the marketing programme. The theory takes off from the undisputed objective of all commercial activity the transaction of selling and buying. The marketing mix and the 4 ps of marketing are often used as synonyms for each other. None of the organizations wants to take the risk of being present in the market with a single product if a company has only a single product, than it is understood that the demand of the product is very high or the company does not have. Product mix determination is essential to the success of the industry for a number of important reasons. Product concept product concept is loosely related to the production concept. Product mix or product assortment is a set of total number of products lines that. Product mix at ponderosa industrial considered limited resources, and determined optimal mix of plywood products. Pdf the developed concept of service marketing mix.
Product mix and product line understanding product. Four important dimensions of a product mix can be identified. In any multi brand organizations, there are numerous products present. This mix is generally implemented through the 4ps of marketing, namely price, product, promotion, and place. The role of service marketing mix and its impact on. Those days, when goods were matched with the market, have gone. The concept is truly applicable in some niches such as electronics and mobile handsets. An organisations product line is a group of closely related products that are considered a unit because of marketing, technical or enduse considerations. Total number of items in the product mix of the company. The modem market concept emphasizes the importance of the consumers preference. He learned about it in a research bulletin on the management of marketing costs, written by his associate, prof. The product mix is a subset of the marketing mix and is an important part of the business model of a company. Marketing mix a mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. The 4ps make up a typical marketing mix price, product, promotion and place.
The service may be based on the reputation of a single person 3. Product planningpolicies and procedures relating to. A product mix is a group of everything a company sells. The successful combination is the one that results.
Hence, we adopt the product form as the level of analysis in this paper. Marketers must determine the assortment of products they are going to offer consumers. In other words, the number of product lines that a company has for its customers is called as product mix. Ntroduction henever we talk over the marketing product, four fundamental factors of marketing is mentioned. Mar 14, 2020 the width of the product mix is equal to the number of product lines within a company. In this concept, physical goods have the physical features like color, name, size, etc. The complete range of products present within a company is known as the product mix. Personnel scheduling at united airlines designed work schedules for all employees at a location to meet service requirements most efficiently. The article covers the original concept of the 4 ps of marketing mix product, place, price, and promotion with an example and template for your business. According to this concept, the consumers begin to prefer higher quality products and are willing to pay a satisfactory price. It emphasizes hows and whys of approaching marketing in todays online world and explains an extended concept of 7 ps of marketing.
The width of the mix refers to the number of product lines the company has to offer. Product concept is a mandatory concept in order to give the best possible product to the customer as per the demand and expectation. The marketing mix management paradigm has played an influential role in the development of marketing theory and practice. Simply, it shows the number of items in the product line. So there it is very important that the firm must have a sound product policy.
The objective of this article is to acquire the comparison of service marketing mix smm concept gap and to develop a comprehensive model in identifying smm. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix. Jun 27, 2012 set of all product offered for sale by a company. The first of the product mix decisions refers to the product mix width.
Manufacturers take various policies to get success in the market and the marketing mix is. Marketing a servicebase business is different from marketing a product base business. On ept acrylic urethane p168 d onept d acrylic urethane is a premium quality, single stage, two component refinish product designed to offer exceptional gloss and appearance. Marketing is defined by the american marketing association as. Product mix and product line understanding product length. A product is not complete in itself and requires other factors of business like marketing, distribution, sales. Marketing mix marketing mix is a combination of marketing tools that a company uses to satisfy their target customers and achieving organizational goals. For example if a company produce only soft drinks and juices, this means its mix is two products wide. Borden in his article the concept of marketing mix. Understanding the marketing mix concept 4ps cleverism. The initial four elements or 4ps of the marketing mix included.
The product life cycle plc is a concept used to describe the course that a products sales and pro. Creating values for the customers is base for width, length and depth of product mix. Product mix decisions width, length, depth and consistency. The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. For example, a restaurant might add healthy dishes and childrens meals to its main menu, or it might add delivery and catering services. And so company develops a product of greater quality which usually turns out to be expensive. Despite the fact that modern business is changing rapidly and its radically different from 10, 20, or 50 years ago, some core marketing concepts have remained the same. For example, a car wash might offer a quick drivethrough wash for people looking to spend only a few dollars, a hand. Product concept is loosely related to the production concept. A product line refers to a unique product category or product brand a company offers.
Comparison with figure 1 shows that while the basic structure of the traditional plc concept is preserved, the details of the demand side description are altered. In order to analyse each product line, product line managers need to know two factors. Mccarthy classified all these marketing tools under four broad categories. In this study of manufacturers marketing costs he described the business executive as a decider, an artist. The basis is an emphasis on the product quality, their technical processing and progressive innovation. Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. It is often crucial when determining product or brands offering, and it is also called as 4ps product, price, promotion, and place of marketing.
The concept of creating a product mix is important to companies that dont want to rely on one product only. The market is going to be saturated and there is a growing number of competing manufacturers. In this article, we will look at 1 the four ps, 2 history of the marketing mix concept and terminology, 3 purpose of the marketing mix, 4 key features of the marketing mix, 5 developing a marketing mix, 6 key challenges, and 7 marketing mix example nivea the four ps product. Marketing mix analyzes authors like pruskus 2015, rad, akbari 2014, rahnama, beiki 20, ria 2011, sereikieneabromaityte 20, singh 2012 and others. Entrepreneurship and enterprise development chapter four product and service concept content 4. Marketing mix of 4ps for competitive advantage meera singh1 1 computer department h. The width is all about the number of different product lines the company carries. The product concept is a universal business hypothesis that assumes that customers desire products that have better features, performance and quality than the products that are already on the market. The marketing mix is a very important tool that helps businesses understand what the product or service can provide and how successful marketing of the product can be anchored on. The marketing mix comprises of four decisions which should be considered before launching a product. But the rate of customer participation and also the time are.
If the product fails to satisfy consumer demand, no additional cost on any of the other ingredients of the marketing mix will improve the product performance in the market place. The product concept proposes that consumers will prefer products that have better quality, performance and features as opposed to a normal product. The product concept this concept works on an assumption that customers prefer products of greater quality and price and availability doesnt influence their purchase decision. Number of different product lines carries by the company. The product mix also called as product assortment, refers to the complete range of products that is offered for sale by the company. For, product mix results from demands and needs of future users for whom a product is being created.
Jul 03, 2017 this lesson on marketing strategy introduces the first p of the marketing mix the product. The manufacturing companies must adopt operations research techniques to enhance best resource utilization that would result in optimal product mix and total profit 3,4. These policies are generally decided by the top management of a company i. Jun 25, 2018 hope it will give you a better understanding of product mix concept. Marketing mix is the policy adopted by the manufacturers to get success in the field of marketing. This paper aims to examine relationship between 4elements of marketing mix concepts. Apr 08, 2020 a product mix is a group of everything a company sells. Similarly, industry and product class sales patterns are also diverse because each comprise such a unique mix of product classes and forms at various stages of the product life cycle. It acts as a crucial element of generating revenue for an organization.
Therefore, the pricing decisions of an organization have a direct impact on its success. It is available in conventional singlestage solid and metallic colors and can be used over all properly prepared oem finishes and cured air dried finishes. One of the important elements of marketing mix is product. Aug 30, 2019 the marketing mix is a marketing tool used by marketing professionals. Aug 05, 2014 in this article, we will look at 1 the four ps, 2 history of the marketing mix concept and terminology, 3 purpose of the marketing mix, 4 key features of the marketing mix, 5 developing a marketing mix, 6 key challenges, and 7 marketing mix example nivea. View chapter four product and service concept 2016. However, the product line is a subset of the product mix.
This dimension of the product mix represents the extent to which the activities of the firm are diversified. Your product mix refers to the number and type of products or services you offer. The whole product concept considers i core customer benefits, ii the actual product service, and iii the augmented ancillary product service as comprising market offerings. The other elements of marketing mix are based on it. Nov 15, 2012 iv the fourth level is augmented product means to offer extra services to consumer than expected by them. Value is the subjective judgement by a buyer, according to universal defini.
Both of these companies have strived hard on their. The concept of marketing mix marketing mix means the product, distribution, promotion and pricing strategies to produce and. The product is either a tangible good or an intangible service that is seem to. Its more difficult to compare the quality of similar services 4. We will discuss about how a company manages its products. The following attempt to form a general theory of marketing relates existing concepts and reasoning by means of the common denominator of value.
It emphasizes hows and whys of approaching marketing in todays online world and explains an extended concept of. Each of the four ps is a variable you control in creating the marketing mix that will attract customers to your business. Market strategy and marketing mix strategy are expected to influence customer value. There are various decisions which the management of a company should take about products we should sell, different categories of products, different versions of products, etc. This is where the concept of product mix and product line decisions occur, this. The product concept is a companys driving force to create cuttingedge products that are superior to other similar products. Pricing can be defined as a process of determining the value that is received by an organization in exchange of its products or services. Product concept states that customers or consumers prefer product which is of the highest quality, performance and features. It is like a long term planning with respect to the product mix of the company in order to deliver maximum customer satisfaction. Thus, product line width is a depiction of the number of product lines which a company has. However, nowadays, the marketing mix increasingly includes several other ps like packaging, positioning, people and even politics as vital mix elements.
Thus, these above discussed are the levels of the product. The product can be classified into five categories. Taking this into account, the aim of this paper is to present a throughput per day approach to define product mix, as well as to propose a constructive heuristic to help in this process. Unit 1 marketing of services pondicherry university. Product mix refers to the total number of products of a company offer to sell. However, in case of services of different nature the 4 ps have been expanded to 7ps or 8ps. The product policy and strategy is the cornerstone of a marketing mix. According to this concept, product cannot be seen and touched. Companies diversify for several reasons and in several ways. The concept of the marketing mix guillaume nicaise.
Your marketing mix should be something you pay careful attention to because the success of your business depends on it. Jan 22, 2018 product policy is defined as the broad guidelines related to the production and development of a product. Pdf this paper aims to examine relationship between 4elements of marketing mix concepts. Market mix product development 2 4 3 1 4 schematically, the new approach is depicted in figure 2. A product line is a group of closely related products with similar functions, customer groups, outlets and same price ranges. Thus, taking the above example, if there are 4 product lines within the company, and 10 products within each product line, than the product line width is 4 only.
For example, patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc. Formulating and solving a linear programming model for. According to this concept, the consumers begin to prefer giher quality prodcuts and are willing to pay a satisfactory price. The altered assumptions are indicated by appending an a. Some add variations of their products to maximize sales. The breadth of a product mix shows the different kinds of product lines that firm carries. Product mix width, length, depth, consistency with examples. The example of nike product line includes, footwear, apparel and sports equipment and every product line have similar products what is product mix.
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