Product Mix

WHAT IS PRODUCT?

Product is a bundle of satisfaction that consumer buys. It

represents a solution to customer’s problem.
Philip Kotler:

“A product is anything that can be offered to a market for

attention, acquisition, use or consumption. It includes physical
objects, services, personalities, place, organizations and ideas.”
1. Core Benefit The core benefit is the fundamental need or wants that the customer
satisfies when they buy the product.

2. Generic Product The generic product is a basic version of the product made up of
only those features necessary for it to function.

3. Expected Product The expected product is the set of features that the customers
expect when they buy the product.

4. Augmented Product The augmented product refers to any product variations, extra
features, or services that help differentiate the product from its competitors.

5. Potential Product The potential product includes all augmentations and

transformations the product might undergo in the future. In simple language, this means
that to continue to surprise and delight customers the product must be augmented.
 PRODUCT MIX
A product mix is the total number of product lines and individual products
or services offered by a company.

A product line is a group of closely related products with similar functions,

customer groups, outlets and same price ranges.

The product mix has four dimensions:

● Width/ Breadth,
● Length,
● Depth, and
● Consistency.
 Product Mix – Breadth/ Width
Breadth/ Width - 4
 Product Mix- Length
Length - 11
 Product Mix- Depth
If a company has 4 product lines and 10 products in each product
line, than the product mix depth is 10.
 Product Mix- Consistency
The consistency of a product mix is the close relationship between different
product lines.

The lesser the variations between the products, the more is the product line
consistency.

For example, Amul has various product lines which are all dairy related. So
that products mix consistency is high.
 Let us take an example of P&G
Detergents – Arial, Arial oxyblue, Ariel bar, Tide, Tide naturals, Tide bleach, Tide
plus.

Shampoos – Head and shoulders, Head and shoulders anti dandruff, Pantene,
Pantene damage repair, Pantene pro-v

Products mix of P&G

Products mix Length – 12

Products mix Width – 2

Products mix Depth – 7 in detergents and 5 in shampoos

Products mix consistency – High as both are bathroom products.

STAGES IN NEW PRODUCT DEVELOPMENT
PRODUCT LIFE CYCLE
 BRAND
A name,term,and symbol….to identify the goods and services of one seller from
that of the competitor.

Brand categorise: 3 types

1.Functional brands

2.Image brands

3.Experience brands
 APPROACHES TO SELECT BRAND NAMES
1.Name communicating the functions/attributes of the product
Eg: Goodnight
2.Names communicating the speciality around the brand
Eg: Sunsilk,Velvette
3.Use of Acronyms
Eg: AMUL:Anand Milk Union Ltd , MRF:Madras Rubber Factory
4.Use of the company name
Eg:Coca Cola,Pepsi,LG.