Question: Why Is Product Line Important?

What are the 4 product line expansion?

There are four “stages” of the life cycle of a product: introduction, growth, maturity, and decline.

The launch is exciting and is often followed by a surge of sales, but at some point, the product will wear itself out..

How do you improve product line?

Analyze customer data. While it may be tempting to leap in head first and try to do anything to increase sales, first, take the time to survey your customers. … New products & services. Your customers may be craving something new or different. … Find new markets. … Expand distribution channels. … Target existing customers.

What is product positioning and why is it important?

Product positioning is an important element of a marketing plan. Product positioning is the process marketers use to determine how to best communicate their products’ attributes to their target customers based on customer needs, competitive pressures, available communication channels and carefully crafted key messages.

What are the 3 product mix strategies?

The major alternative product mix strategies (given by William Stanton and others) have been discussed briefly as under:Expansion of Product Mix: … Contraction of Product Mix: … Deepening Product Mix Depth: … Alteration or Changes in Existing Products: … Developing New Uses of Existing Products: … Trading Up: … Trading Down:More items…

What are some examples of product positioning?

Examples of Product Positioning A product can be positioned in a favorable way for a target audience through advertising, the channels advertised through, the product packaging, and even the way the product is priced. For example, market research may have revealed that the product is popular among mothers.

What are the types of product positioning?

There are three standard types of product positioning strategies brands should consider: comparative, differentiation, and segmentation. Through these strategies, brands can help their product stand out by targeting the right audiences with the best message.

What are the types of positioning?

Types of positioning in marketingPricing. Pricing is an essential factor that impacts the decisions of most customers. … Quality. Quality can help rebuff most pricing wars. … Differentiation. … Convenience. … Customer service. … User group. … Create a strong competitive position. … Improve sales.More items…•

Why is the product mix important?

Your product mix is important in determining the image of your business and brand, as it helps you to maintain consistency in the eyes of your target market. For instance, if you’re a discount retailer, your target market likely consists of economy-minded shoppers looking for low prices.

What is the main benefit of adding a new product line?

Expanding product lines enables a company to target consumers who are either already buying the brand or are likely to buy the brand.

What are four reasons for expanding a product line?

Four reasons to expand a product line are to build on an already established image, to appeal to new markets, to increase sales and profits, and for the company to be seen as an innovator in the field.

What is product mix and examples?

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. … Or your product lines may be vastly different, such as diapers and razors.

What are the 4 growth strategies?

There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification.