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Product Objectives Tweet

 

Many organisations offer more than one product. Product and Brand managers have to make decisions about the strategy they wish to take with their products. Decisions are often about product mix , product lines, product stretching and product width.

A product mix is the total amount of products a firm offers. So Sony not only sell flat screen televisions but also games consoles, DVD players, Mp3, sound systems, phones and car stereos this is the mix of products they sell.

Product Line – Where a firm offers a number of different products within a particular area. For example within their product mix Sony may offer a number of different flat screen TV's within their line which will include LED, LCD and Plasma. The aim of a large product line strategy is to please particular target groups. So LED may please a particular segment and plasma another. Some firms deliberately focus on a smaller line of products, they do this in order to become well known for their specialist line for example Morgan cars specialise in making limited hand made cars, as a result of this they are well known for producing exceptional cars.

Product Width: If Sony have different versions and a wide variety of their flat screen LED televisions, then this is known as the width of that particular range of product line.

To stretch or not to stretch?

A company when evaluating their product lines can decide whether to stretch their line and add higher value products as a upward stretch or increase more lines and offering value products known as a downward stretch. Supermarkets are very good at this type of strategy by offering value, standard and premium versions of their brands.

 

 

 

In summary part of the product decision is to decide the mix of the product, whether to increase or decrease the product line and product width. Making the right decision will help the firm target their customers more accurately.

 

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