Understanding the Building Blocks of Your Product Strategy
A product mix is the assortment of products a company offers. It's like a carefully curated menu, balancing variety, depth, and consistency to meet diverse customer needs.
Key Dimensions of a Product Mix:
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Width: This refers to the number of product lines a company offers. A wider product mix means a greater variety of product categories.
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Depth: This measures the number of variants or sub-categories within each product line. A deeper product mix provides more choices within a specific category.
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Consistency: This refers to how closely related the products in your mix are. Consistent products often share similar target markets, distribution channels, or production processes.
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Length: This is the total number of products in your product mix. It's a combination of width and depth.
Read : What is Product line ?
Why Product Mix Matters:
A well-crafted product mix can lead to several benefits:
- Increased Sales: A wider and deeper product mix can attract more customers and increase sales.
- Market Penetration: Offering a variety of products can help you penetrate new markets and customer segments.
- Risk Mitigation: A diverse product mix can help reduce reliance on a single product or market.
- Brand Building: A consistent product mix can strengthen your brand image and positioning.
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