What are the major product line strategies?

What are the major product line strategies?

The major product mix strategies (given by William Stanton and others) have been discussed briefly as under:

• Expansion of Product Mix.
• Contraction of Product Mix.
• Deepening Product Mix Depth.
• Alteration or Changes in Existing Products.
• Developing New Uses of Existing Products.
• Trading Up.
• Trading Down.
• Product Differentiation.

What is product line and example?

“A product line is a group of related products produced by one manufacturer. For example, products that are intended to be used for similar purposes or to be sold in similar types of shops.” If you have several products with something in common, you can put them into one group.

What are the four types of product strategies?

Types of Product Strategies

• Cost Strategy. A cost strategy focuses on creating the best product for the lowest price.
• Differentiation Strategy. Price isn’t the end-all-be-all when it comes to differentiating your product.
• Focus Strategy.
• Quality Strategy.
• Service Strategy.

What are the three product strategies?

There are three standard types of product positioning strategies brands should consider: comparative, differentiation, and segmentation. Through these strategies, brands can help their product stand out by targeting the right audiences with the best message.

What are the 5 product mix strategies?

Five product mix pricing situations

• Product line pricing – the products in the product line.
• Optional product pricing – optional or accessory products.
• Captive product pricing – complementary products.
• By-product pricing – by-products.
• Product bundle pricing – several products.

What is product line pricing strategy?

Product line pricing involves the separation of goods and services into cost categories in order to create various perceived quality levels in the minds of consumers. You might also hear product line pricing referred to as price lining, but they refer to the same practice.

What is a product line up?

n (Marketing) a group of related products marketed by the same company.

What are examples of product strategies?

Examples of product initiatives include:

• Improve customer satisfaction.
• Increase lifetime customer value.
• Upsell new services.
• Reduce churn.
• Add customer delight.
• Break into new industries or geographical areas.
• Sustain product features.
• Increase mobile adoption.

What is your product strategy?

Product strategy defines what your product should achieve and how that supports the organisation, and is brought to life through the product road map. While the product strategy outlines the elements of the product and the company’s target market, the product road map explains how you will do it.

What does product strategy look like?

Product Strategy is a system of achievable goals and visions that work together to align the team around desirable outcomes for both the business and your customers. Product Strategy emerges from experimentation towards a goal. Initiatives around features, products, and platforms are proven this way.

What is product line pricing examples?

Product line pricing refers to the practice of reviewing and setting prices for multiple products in coordination with one another.) Ex: Samsung offering different smart phones with different features at different prices. This strategy is used for setting the price for entire product line.

What is product line decision?

Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. This is where the concept of product line comes in. While a smartphone and wireless earphones ( Apple air-pod and Samsung buds) are not the same, but the same type of customer uses them.

What do you mean by product line strategy?

A product line is a group of items manufactured by a company which are similar or related. Companies may develop one product line, or may diversify to appeal to the masses. Product line strategies help the company determine which items to produce and how they should be marketed.

How to come up with a product strategy?

Create a Product Strategy in 5 Steps: 1 Talk with your prospects and customers. 2 Develop a high-level vision that has a long-term view. 3 Define the product’s SMART goals. 4 Use those goals to guide the roadmap’s themes. 5 Continuously review the product vision and strategy and iterate.

How many products are in a product line?

This would be the top-priced option offered by the company. Three products, three prices, and a lot of bases covered as far as the customers’ needs and willingness to pay are concerned. That’s just one product line. Depending on how many products you’re hawking, you might have more than one product line within your company.

Is it good to have product line pricing?

Pure SaaS businesses can benefit hugely from a well-tuned product line approach, but, as we’ll see, it’s a good strategy for all kinds of businesses. Wherever quality is a variable, product line pricing can be effective.