Product Mix - Product Width, Length, Depth, Product Line and Line Stretching (Marketing video 47)

View all our courses and get certified on https://academy.marketing91.com Product Mix is the total number of product lines, varying from one to many, which an organization offers to its customers. Product Mix or Product Assortment groups all the products. Its main dimensions are length, width, depth, and consistency. Product Width Product Width refers to the range of separate product lines that an organization offers to its buyers Example – Small-scale businesses have a narrow product width Product Length Product Length refers to the total number of products that an organization has sold to its buyers within a product line Product Depth Product Depth refers to the number of sub-categories or product variations within a product line that an organization offers to the buyers Product Consistency Product Consistency refers to the close association of product lines to each other. It refers to the similarity of the product mix based on use, production, and distribution Example - Apple (Product Mix) Smartphone Laptop Desktop Smart Watch TV Line Stretching Line Stretching refers to an organizational strategy where a company launches new products with additional/different features in the same product line but beyond the current product range. It can be done in the following ways Down Market An organization will be Line Stretching Down Market if there is considerable growth opportunities in value-priced products or involves a lot of risks Example – iPhone SE UpMarket An organization will be Line Stretching Up Market for more growth opportunities or higher margins Example – Apple Both Ways Stretch Both Ways Stretch refers to an organization moving both Down Market and Up Market Example – Armani Exchange Line Modernization Line Modernization refers to a strategy by the organizations where products in a product line are modified to meet new styling needs and preferences of the buyers and relaunched. Example – Oracle Line Pruning Line Pruning refers to minimizing the depth of a product line by removing the less profitable products in a specific product category. Example – Windows Vista from Microsoft This video is on the Product mix and Product Line and it has the following sub-topics. Time Stamps 0:00 Introduction to Product Mix 00:33 Product Width: Number of Product lines 01:07 Product Length: Total Products 01:28 Product Depth: Product Variations 01:52 Product Consistency 02:22 Example Apple (Product Mix) 02:49 Line Stretching 03:08 Down Market 03:55 UpMarket 04:20 Both Ways [Two-Way Stretch] 04:58 Line Modernisation 05:53 Line Pruning