In this article we will talk about the importance of a product mix strategy in a product line. Before starting with its importance, we must know some basic concepts. A product line is defined as a set of products which are closely related to each other, being even promoted together, they even share image characteristics, they are not exactly the same so as not to confuse the consumer.
On the other hand, when talking about a product mix, it refers to all the products that a company has to market. This covers several product lines, whether they belong to the same line or not. So, it can be said that a product mix is ​​the combination of all the lines of a company.
Next, we will see what is the importance of a product mix strategy, in addition to seeing some types of this strategy.
Importance of product mix strategy in a product line
This strategy is of great importance, even when you have a product strategy, we must be constantly updating it. When considering these strategies in its business plan, a company must know the behaviors of its consumers, in addition to knowing how they will react when adding new products to the product mix.
The market study carried out with this strategy must be thorough, since, thanks to these strategies, some products can be highlighted from others, helping in the marketing strategy of the latter. We also have to give an idea about various aspects of the product, so that the final consumer knows about what this innovative product brings to the competition, its benefits, etc. Helping in the sales of the product mix.
Types of Product Mix Strategies
We have already seen the basic concepts, and the importance of product mix strategies, but now, what are your types of strategy? we have several ways to apply this important marketing strategy, of which we will mention and explain some. It is important to see which strategy is best for each company, as well as how well they can manage the product mix.
product positioning
Attracting attention to a product or service translates into revenue for a company, so everything must be done to distinguish this product from the rest. Therefore, an image of the product is created and positioned, compared to those of the competition and even those that the company already has in its product mix.
Product mix expansion
This type of strategy is achieved by increasing the depth of a product line, this can be seen, for example, when a company adds a similar product to a line that already existed with the same brand name, it is an example of how the product mix extension is applied.
Increase in lines with high prices and low prices
When we talk about trading at a lower price, it refers to adding a cheaper product to product lines, making people who cannot buy it at its original price decide to buy it at a lower price, since it seems more expensive in its price. original.
For this strategy, a change in the positioning of the product and extension of lines is required, this when we talk about the extension of the lines at high prices, with which we will attract a different market.
Modification of the products
Finally, in this product mix strategy, the product line in the market is modified, this strategy serves to avoid the risk that designing a new one can carry, in addition to being more profitable for the company
We hope this article on product mix strategies has been useful to you. These strategies are very important to improve the marketing strategy in a company. In addition to that, they must be considered when setting the goals of a company, helping its success.
