Management of Product Mix and Product Lines
What is the best way a company can build and manage its product mix and product lines?
Companies who start to go outside their core business and offer products they don't know (and don't know the customer) typically fail. However, there are companies such as Ebsco who own all types of businesses and are effective at their operation...globally. What other companies are significantly diversified?
Because we live in a capitalistic market, competition is fierce which makes companies adapt to change very quickly while coming up with new products and services. What companies have done a poor job at this adaptation?
What should a company consider when attempting to develop a new product?
Can you think of some new products that have failed? What do you think were the causes of this failure?
https://brainmass.com/business/the-marketing-mix/management-of-product-mix-and-product-lines-526562
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What is the best way a company can build and manage its product mix and product lines?
The best way that a company can build and manage its product mix and product lines is through continual analysis and monitoring. A comprehensive analysis on each product line and on the product mix is the most powerful tool that management has at its disposal. When a proper analysis is performed, we reduce the chances that we're missing a significant part of the target market, and we're reducing the chances that the product lines won't really cater to the needs of our target market.
Another important factor in building and managing product lines and the product mix is through internal coordination of processes. The marketing dept. should be working with production supervisors, and there should be a coordinated effort between product mix, product lines, and marketing. This ensures that all necessary members of management are thoroughly aware of the product mix, the target, and the product lines. This management team can then devise a strategy that best meets the company's goals in regards to their product line and product mix strategies.
Companies who start to go outside their core business and offer products they don't know (and don't know the customer) typically fail. However, there are companies such as Ebsco who own all types of businesses and are ...
Solution Summary
This solution explains the best way a company can build and manage its product mix and product lines, diversification, adaptation, and new product development. All marketing questions presented are thoroughly discussed. Includes 3 references.