The objective of product mix is to understand and implement product strategy to perform well in the target market and meet the demands of the customer base.
WHAT IS THE PRODUCT MIX?
The product mix refers to all the decisions related to different aspects of a product from manufacturing to delivery. These aspects include the quality of product, design of product packaging, and labelling of the product and product assortment.
Product assortment means the number of products or items a particular firm offers to the consumers.
These are some important decisions taken in order to have a successful sale of the products which is an important element of the marketing mix.
WHAT ARE THE COMPONENTS OF THE PRODUCT MIX?
There are 3 main components of the product mix
We will discuss all three in detail –
The most important decision that a firm has to take with regards to branding a product is whether it will be marketed and the brand name generic name.
The generic name is the name that represents the whole class of a product and the brand name is the name of the brand under which a particular product is manufactured.
Various terms related to brand
- Brand name – The name given to a brand the process of branding is called its brand name. For example, Asus is a brand name.
- Brand mark – A brand mark can be understood as an image or a symbol associated with a brand in order to represent it. It can also be called the logo of the brand.
- Trade Mark – a legally recognized sign, design, or symbol associated with a brand is called a trade mark. A product having a trade mark of a particular company implies that it is the company property of that company and no other form has the right to sell or illegally use those products for their profit.
To understand all essential details about branding check out – Quick Guide To The Basics Of Branding.
Packaging is how companies supply their products.
It is the activity that is concerned with the designing and production of a container of your product.
Levels of packaging
There are the following 3 levels of packaging:
- Primary level – This refers to the very first layer of packaging. This layer remains with the product throughout its usage.
For example, the wrapper of the tea bag.
- Secondary level – This is the second layer of packaging. It is primarily used in order to give more protection to the product. This packaging is generally thrown away once the consumer starts to use the product.
For example, the box containing the packed tea bags.
- Transportation level – This packaging is used when the products are transported from the production site to the consumption site.
- For example, carton boxes used in the transportation of goods.
Functions of packaging
Following are the functions of packaging that makes it an essential part of the product mix-
- Protection – The main function of packaging is to protect the product from any sort of damage.
- Identification – every company has a unique way of packaging its products and hence, it becomes a factor of identification for the company.
- Convenience – With appropriate packaging, it becomes easy to handle products, and they convenient to carry.
- Promotion – Most companies opt for attractive packaging in order to attract or entice customers to purchase the product, in this way packaging plays a silent yet effective role in promotion.
- Product differentiation – As packaging helps in the identification of the brand, it simultaneously differentiates the product from the products of other brands.
Labelling is the process of putting labels on the package as the identification mark. The labels have information written on them about the product like manufacturing date, expiry date, ingredients or components used in the product, how to use it, its price, etc.
Types of labels
- Labels can in the form of simple tags
- Attractive labels used by reputed companies known as elaborate labels.
Functions of labelling
1. Describing the product – labels have all the information about the product. Hence, labels describe the product to the customers.
2. Categorising the product – Labels can divide or categorize products into various categories. For example, Brooke Bond Red Label, Brooke Bond Yellow Label, etc.
3. Legal requirements – Labels fulfil legal requirements as well. Companies are obliged to print batch number and other, weight, MRP, volume, etc., regarding the product on the package. And hence, labels come into use.
The product mix is an important aspect of the marketing mix. To perform consistently in the target market with your product it is very important to implement all the concepts of product mix. In order to promote and have a good sale on all the products, a company should have an adequate understanding of all the components of the product mix.