Marketing Mix : Product

Question 1

What is the marketing mix ?

Answer 1

The 4 p’s

Place
Product
Promotion
Price

Question 2

What is the difference between product mix and product range ?

Answer 2

A product range is a set of variations on a specific product made to appeal to different market segments. A product mix is a blend of related products that can be marketed together to similar market segments.

Question 3

What are the advantages and disadvantages of having a whole or narrow product mix

Answer 3

Advantages wide product mix: a lot of people big audience effect on huge amounts of people
Advantages narrow product mix: more expensive and some people enjoy having luxury items and bigger sales margin
Disadvantages wide product mix: Not everyone likes it
Disadvantages narrow product mix: not for everyone and only small Audience

Question 4

What is the difference between branded products and own brand products?

Answer 4

Branded products are usually more expensive but are of a higher quality and can achieve product differentiation

Own branded products are cheaper and of a lower quality and they are usually in direct competition on other brands