What is the difference between product and product line?
A product delivers a single feature set that gives benefits to a customer. Product lines are groups of related products. A product line delivers multiple attribute sets.
Why is product line important?
Product lines are created by companies as a marketing strategy to capture the sales of consumers who are already buying the brand. Product lines can vary in quality, price, and target market. Companies use product lines to gauge trends, which helps them to determine which markets to target.
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. We call that group a product line.
What is product line meaning?
A product line refers to an array of related products under the same brand. In other words, a product line is a collection of similar products that are sold to customers.
Why single product line is not good?
The Cons of Selling One Product : When you only have one product, you can’t multiply your revenue by cross-selling complimentary products to your already-existing customer base. Companies selling one product can’t easily sell anything more than more copies of the same product.
What is the difference between product mix and product line in your own words?
All the products a given company produces comprise the product mix, or product assortment. A product line would be a group of these products associated by function, by consumer group, by distribution channel or by price range.
What are the disadvantages of product line?
High Risk. The major disadvantage of a product specialization strategy is that a narrow product line puts you at high risk. For example, suppose a retail store decides to offer only low-cost shoes. There is an ever-present danger that a significant market shift will jeopardize the company’s single profit stream.
What are four reasons for expanding a product line?
Four reasons to expand a product line are to build on an already established image, to appeal to new markets, to increase sales and profits, and for the company to be seen as an innovator in the field.
What’s another word for product line?
Alternate Synonyms for “product line”: line; line of products; line of merchandise; business line; line of business; merchandise; ware; product.
What is product line and product range?
A product line is a family of products derived from the same ancestry. Say an iPhone 4, 6, 7 then 8. A product range is a group of products that generally have something in common or compliment each other in some way. Say an iPhone, an iPad and MacBook air are a range, they all do different things but are related.
What is a product line owner?
Distinct from the product development manager, who primarily works with engineers building a product, the product line owner is the CEO of her product line and an expert in the market. …
What is the advantage of selling a single product?
In fact, selling a single product can be an advantage. Without the distractions of building, managing, and marketing multiple products, you can focus on innovation, iteration, and making your product better than any other on the market. In short, you can give your One Good Idea the attention it deserves.
What are the important product mix and product line decisions?
Four important dimensions of a product mix can be identified. These are: width, length, depth, and consistency. The first of the product mix decisions refers to the product mix width. The width is all about the number of different product lines the company carries.
What are the types of product lines?
There are two types of product line extensions, horizontal and vertical. Horizontal extensions consist of keeping the price and quality consistent, but changing factors like flavour or colour to differentiate the products.
Why is product line extension popular?
An advantage of extending company product lines is the likely rise in sales, demand and market share. Product line extension increases the amount of different products available to consumers, and through adding more products into the market it keeps consumers interested.
What are the 4 product line expansion?
There are four “stages” of the life cycle of a product: introduction, growth, maturity, and decline. The launch is exciting and is often followed by a surge of sales, but at some point, the product will wear itself out.
What are the 4 growth strategies?
There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification.
What is the synonym of line?
SYNONYMS. dash, rule, bar, score. underline, underscore, stroke, slash, virgule, solidus. stripe, strip, band, streak, belt, striation.
What are the 4 types of product?
There are four types of product classification — convenience goods, shopping goods, specialty products, and unsought goods. Let’s dive into each one in more detail.
Is product owner a technical role?
Technical Skills The product owner is a technical role. You can’t become a great PO if you don’t know the ins and outs of development, design, agile framework, software development, scrum approach, and IT infrastructure.