How can a company build and manage its product mix and product lines
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The document discusses how companies can manage their product mix and product lines. It defines key terms like product mix, product line, depth, width, and consistency. It then explains strategies for managing product lines, including analyzing sales and profits to determine what products to invest in or remove. Companies can also enhance their market profile by positioning their lines against competitors. Other strategies involve line stretching to attract new customer segments and line filling to block out competitors. The document was prepared by Kartik Singla as part of an internship under Prof. Sameer Mathur.
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How can a company build and manage its product mix and product lines
- 2. How can a company build and manage its product mix and product lines? By: Kartik Singla Indian Institute of Technology(BHU), Varanasi
- 3. A group of products manufactured by a company that are closely related because they perform a similar function, sold to same customer groups or fall within a price range.
- 4. The complete set of all products and items a company offers for sale.
- 6. Depth: The number of variants offered of each product in a product line. Width: Number of product lines a company has.
- 7. Consistency: This describes how closely related the various product lines are. Length: The total number of items in a company’s product mix.
- 9. Lengthen each line Increase product variants Pursue line consistency Add product lines
- 11. Managing “Sales and Profit” can help determine which items to build, maintain, harvest or divest.
- 12. Product line managers must review how the line is positioned against competitor’s line to enhance “Market Profile”
- 13. “Line Stretching” refers to lengthening the product line beyond its current range (whether up or down) to attract buyers from all segments.
- 14. “Line Filling” means adding more items within the present range to keep out competitors and ensure tight grip in the market.
- 15. “Some companies which narrowed down the consumer need gaps by introducing new product variants and forms!!”
- 17. “These slides were prepared by ‘Kartik Singla’ as a part of an internship done under ‘Prof. Sameer Mathur’ (www.IIMInternship.com).” Disclaimer