Product mix, also known as product assortment or product portfolio, refers to the complete set of products andor services offered by a firm. Other factors of marketing mix affect on consumers behaviors are price and promotion in the next classification of efficacy, respectively. The pricing of the product is also affected by the credit period offered by the company. Marketing mix refers to the set of controllable factors that a firm can use to influence the buyers response within a given marketing environment. The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale. For instance, the product mix of colgate consists of three product lines. Not all points on the productionpossibilities frontier have the same value. Marketing mix is the combination of strategies and activities that companies use to sell their goods and services. Each of these product lines, in turn, consists of several sublines. Pricing is considered as part of 4ps of marketing mix.
Area of operation and brand identity also affects its product mix. By focusing on the people who buy, a company can pick the right features for the product, the right price and distribution outlets, and the right words and approaches for promoting the product. Product mix overview, dimensions and practical example. Product mix, also known as product assortment, refers to the total number of product lines a company offers. Factors affecting new product development in malaysian manufacturing industry article pdf available january 2009 with 7,799 reads how we measure reads. This study tries to identify the impact of product, price, place and promotion factors. As noted, the main reason for entering different markets is to increase the income and profitability. The promotional activity undertaken by the firm also determines the price. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Even if an economy is on its productionpossibilities frontier, it may not be economically efficient. One of the key elements of a product, which enters in to a new market, is its price. Coordination with other elements of marketing mix and a few. We show how tougher competition in an export market. Learn about the marketing mix and the 4ps framework and craft a killer marketing strategy for your business. Longer the credit period, higher may be the price, and shorter the credit period, lower may be the price of the product. Pdf this study aims to investigate the key success factors that influence marketing strategies in the international markets for dead sea products. The interest for organic products has quickly expanded worldwide in recent years. It is used to describe the combination of four inputs product, price, place. Marketing tools or the marketing mix or often referred to as the four ps the four ps of the marketing mix. Product mix constitute width, length, depth and consistency. This paper presents a production mix planning methodology.
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