Product mix is a set of all products/services and items a particular seller offers for sale. It is also recognized as a product assortment. It is expanded, contracted, and modified depending on some factors including production capacity, profitability, demand, production costs, demand fluctuation, competition, objectives & policy of the company, government rules & restrictions, and overall business condition or condition of the economy. Product mix analyses evaluate a variety of go-to-market strategies to distinguish the optimal product mix at the client, regional, or national levels. It often extends the scenarios to novel product introduction and SKU sun-setting decisions. Clients attempt to create reasonable plans that exploit the financial impact of their strategies while meeting other business objectives.
Product mix analysis isn’t as simple as it looks. Various businesses do product mix analysis when they represent new products. The right analysis makes all the differences in the future success of your product’s brand. Few tips to leverage your product’s analysis are:
- To analyze what worked in the past
- To look at the better picture
- To make predictions based on findings
- To motivate your team
Ken Research has expertise in product line & product mix analyses which can assist you to develop a competitive product assortment including a mix of products with dissimilar growth rates as well as market shares. We suggest the following roadmap for improving the success rate of a product mix study:-
- Identify the product mix problem.
- Collect the data for base-line product mix assessment.
- Develop novel scenarios for additional product mix analyses.
- Select the best possible product mix profile.
- Map out the definite production sequence to authenticate the feasibility of the optimal profile.
Our product mix analysis uses four dimensions for evaluating How to Conduct Product Mix Analysis. These dimensions follow:
- Width: The width of the product mix refers to the total number of different product lines the company carries.
- Length: The length of the product mix refers to the total number of items the company carries within the product lines.
- Depth: The depth of the product mix refers to the total variants that are offered for each product line. The average depth can be calculated by averaging the number of variants within brand groups.
- Consistency: Product mix consistency refers to how firmly relate the various product lines are in end-use, distribution channels, production requirements, or some other way.
Moreover, product mix analysis involves various elements that are used to attract attention, particularly when clients are not familiar with the brands. The purpose of the product mix elements represented by brand name, package, information & quality, color, size, shape, is to gain attention as well as attract the customer towards such products. Current trends and healthy lifestyles create product attractiveness which is presented through the package & design. Product mix elements are significant influencing factors to the customer buying decision. It has a great impact on the success of your company in a very competitive environment. It works as a tool that assists consumers to choose the product from an extensive range of similar products & stimulates client’s buying behavior.
For More Information on the Existing Product Line, Click On The Link Below:-
https://www.kenresearch.com/present-product-line.php
Related Post:-
https://www.kenresearch.com/blog/2020/02/assessment-of-existing-product-line-market/
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Ankur Gupta, Head Marketing & Communications
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