Definition: The Product Mix also called as Product Assortment, refers to the complete range of products that is offered for sale by the company. In other words, the number of product lines that a company has for its customers is called as product mix. Show The Product Line refers to the list of all the related products manufactured or marketed by a single firm. The number of products within the product line are called as the items, and these might be similar in terms of technology used, channel employed, customer’s needs and preferences or any other aspect. For example, the product lines of ITC are FMCG, Hotels, Paper Board and Packaging, Agribusiness. The product mix has four dimensions: Breadth, Length, Depth, and Consistency. The Breadth of a product mix shows the different kinds of product lines that firm carries. Simply, it shows the number of items in the product line. This dimension of the product mix represents the extent to which the activities of the firm are diversified. In the example below, there are 4 product lines that show the width of the ITC.  The Length of a Product mix refers to the number of items in the product mix. In the example below the length is 11. As in the foods line, the number of items is 3, in cigarettes is 3 and so on.. On adding all the items, we get the length of a product. The Depth of a product mix refers to the variants of each product in the product line. For example, in the example below, curry, pastes, biryanis, conserves, etc. shows the depth of the foods product line. The Consistency of a product mix shows the extent to which the product lines are closely related to each other in terms of their end-use, distribution requirements, production requirements, price ranges, advertising media, etc. In the above example, it is clear that ITC’s product lines are less consistent as these perform different functions for the buyers. These terms in a product assortment help the firm to take a decision regarding the addition or removal of the product items in the product lines. Generally, the firms introduce a new product item into the existing product line as it is easy to gain the customer support for the new product due to the customer’s familiarity with the existing product line. A product is an item produced or procured by the business to satisfy the needs of the customer. It is the actual item that is held for sale in the market. A company usually sells different types of products. For example, Coca-Cola has around 3500+ product brands in its portfolio. These different product brands are also known as product lines. A combination of all these product lines makes up the product mix. Contents show 1 What Is Product Mix? 1.1 Width 1.2 Length 1.3 Depth 1.4 Consistency 2 Product Mix vs Product Line 3 Product Mix Example What Is Product Mix?Product mix, also known as product assortment, refers to the total number of product lines that a company offers to its customers. The product lines may range from one to many and the company may have many products under the same product line as well. All of these product lines when grouped together form the product mix of the company. The product mix is a subset of the marketing mix and is an important part of the business model of a company. The product mix has the following dimensions or components: WidthThe width of the mix refers to the number of product lines the company has to offer. For example – if a company produces only soft drinks and juices, this means its mix is two products wide. Coca-Cola deals in juices, soft drinks, and mineral water, and hence the product mix of Coca-Cola is three products wide. LengthThe length of the product mix refers to the total number of products in the mix. That is if a company has 5 product lines and 10 products each under those product lines, the length of the mix will be 50 [5 x 10]. DepthThe depth of the product mix refers to the total number of products within a product line. There can be variations in the products of the same product line. For example – Colgate has different variants under the same product line like Colgate advanced, Colgate active salt, etc. ConsistencyProduct mix consistency refers to how closely products are linked to each other. Less the variation among products, more the consistency. For example, a company dealing in just dairy products has more consistency than a company dealing in all types of electronics. Product Mix vs Product LineA product mix is a group of everything a company sells. However, the product line is a subset of the product mix. A product line refers to a unique product category or product brand a company offers. For example, Patanjali deals in different categories of products which include shampoo, flour, toothpaste, etc. Shampoo, here, forms a different product line, flour forms a different product line as well, and so does toothpaste. However, when they all are grouped together, they form the product mix of Patanjali. Product Mix ExampleCoca-Cola has product brands like Minute Maid, Sprite, Fanta, Thumbs up, etc. under its name. These constitute the width of the product mix. There are a total of 3500 products handled by the Coca-Cola brand. These constitute the length. Minute Maid juice has different variants like apple juice, mixed fruit, etc. They constitute the depth of the product line ‘Minute Maid’. Coca-Cola deals majorly with drinking beverage products and hence has more product mix consistency. Product mix depends on many factors like:
Many new companies start with limited width, length, depth, and high consistency of the product mix, while companies with good financial standing have wide, long, deep, and less consistency of the product mix. The area of operation and brand identity also affects its product mix. Go On, Tell Us What You Think!Did we miss something? Come on! Tell us what you think of this article in the comments section. Aashish Pahwa A startup consultant, digital marketer, traveller, and philomath. Aashish has worked with over 20 startups and successfully helped them ideate, raise money, and succeed. When not working, he can be found hiking, camping, and stargazing. What is product mix and examples?Product Mix, another name as Product Assortment, refers to several products that a company offers to its customers. For example, a company might sell multiple lines of products, with the product lines being fairly similar, such as toothpaste, toothbrush, or mouthwash, and also other such toiletries.
What is product mix and its importance?The main function of a product mix is to provide companies with an understanding of a particular product and the methods to advertise it to as many customers as possible. A good product mix can provide detailed information about each and every product and the target customers.
What are the types of product mix?6 types of Product Mix pricing to push products in the market. Product line pricing.. Optional feature pricing.. Captive product pricing.. Two part pricing.. By Product pricing.. Product bundling pricing.. What is product/service mix example?Service- Product mix can be described as a business which involves both tangible goods and intangible services where the quality of the service can be considered more important than the physical product. For example- lodging or training. Today, every product comprises of a service-good mix to some extent.
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