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 otherEven being 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 it comes to mixing a product, 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 looking at some types of this strategy.
Importance of the 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 proposing 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 done with this strategy must be thorough, since, thanks to these strategies, some products can be highlighted from others, helping in their marketing strategy. We also have to give an idea about various aspects of the product, so that the final consumer knows about, What does this innovative product bring to the competition?, benefits thereof, etc. Helping in the sales of the product mix.
Types of product mix strategies
We have already seen the basics, 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 they can manage the product mix well.
The attracting attention to a product or service, translates into a company’s revenueTherefore, everything possible must be done to distinguish this product from the rest. Therefore, an image of the product is created and positioned, in comparison with those of the competition and even those that the company already has in its product mix.
Product mix expansion
This type of strategy, achieved by increasing the depth of a product lineThis 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 extension of the product mix is applied.
Increase in lines with high prices and low prices
When we talk about price trading down, 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 the lowest price, as it seems more expensive to you at its original price.
This strategy requires a change in the positioning of the product and extension of lines, this when we talk about the extension of lines at high prices, with which we will attract a different market.
Modification of 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 take, in addition to being more profitable for the company
We hope this article on product mixing 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.