Read this article to learn the meaning and components of product mix…
Meaning of Product Mix
What is the Product Mix??
The product mix means important decisions related to the product such as the design of a product, quality of the product, packing of product, and so on. Another important thing included in the product mix is product selection. It indicates a number of products and items a particular manufacturer offers to the market.
For Example, the Hindustan Lever is dealing with detergents, soaps, toothpaste, tea, etc. When a business firm starts its marketing operations it starts with a single product but later on it diversifies and expands its activities by introducing more varieties of product or more channels of products, Nirma starts our business with detergent powder but slowly it got entered into other manufacturing lines of products such as toilet soap, salt, toothpaste, etc.
Components of Product Mix
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A brand is the identification of the product. It can be in the form of a symbol, name, or design, etc. The branding is not only executed to identify the producer or seller but also to make your product better than the competitor’s product.
Individuals recognize branding as well by their identification mark. It is a manufacturer’s promise to deliver quality and satisfaction of buyer’s expectations. With a brand, we can easily identify which all products belong to a particular business company. When a company develops good reputations about quality then the brand helps them enjoy greater control over the prospects (customers) and improve brand loyalty.
Various points related to the brand are:
(i) Brand: A brand is the identification of the product it will be in the form of symbol, name, or design, etc. For Example, Dettol, Surf, Nike, etc.
(ii) Brand Mark: It is a type of part of a brand which can not be spoken but can be recognized is called brand mark. For Example, Pepsi sign of red and blue ball, Nike sign of arrow, etc.
(iii) Brand Name: It is a part of a brand which can be spoken is called brand name. In other words, it is also known as the verbal part of a brand. For Example, Pepsi, Dettol, etc.
(iv) Trade Mark: It is a part of a brand which is given legal protection is called trademark. No business firm can use the sign or name for which a company gets legal protection.
Business companies or business firms supply the products in a packaged form, for example, Pepsi comes in a bottle, Surf Excel in Bag, Toffees in a wrapper, oil in a jar, etc.
The packaging is the basic or primary activity of every company. It can be explained as “A set of activities or tasks which are concerned with the designing, container or bag of the product, etc.
Levels of Packaging:
(i) Primary package: It means the immediate packaging of a product. It remains with the product until it is used, for example, matchbox, a tube of paste, and so on.
(ii) Secondary package: These are additional packings which give more safety and protection. Normally consumers through that when they start using the product, for example, cardboard box used to prevent toothpaste.
(iii) Transportation packaging: These are packagings used for transporting or storing the goods. This packing provides safety or protection to goods, for example, corrugated boxes used to shift Kurkure, Lays, etc.
It means putting identification marks or symbol on the package. A label is the carrier of information. It provides necessary information like name of the producer, name of the product, contents of products, manufacturing and expiry date, weight, price, general instructions for use, etc.
Labels are attached to the product to provide some information to the customer. Product labels will be:
(a) In simple tag form as in case of local products like pulses, wheat, rice, etc.
(b) Describe Labels- as used by reputed companies. These are very creative and attractive and also give complete information about the product to the customer.
Labels include the following functions:
(i) Identify the product: The label helps the business companies or firms to identify the product from the various methods available for example, we can simply identify a Cadbury chocolate from the various chocolates kept in the shelf of a shop by the color of its label.
(ii) Describe the product: The producer cannot communicate with each and every customer personally so if he wants to communicate and want to share some information about the product & goods with the customer it is done through labels.
(iii) Promote sale: Creative, attractive, and colourful labels attract customer and force him to buy the product. Especially in consumer goods, attractive labels will create a lead or increase sales volume.
(iv) Help in grading: With the help of label products can be graded in different forms or categories, for example, Brook Bond Yellow Label, Green Label, etc.
So, this is the full explanation on the topic of product mix…