The term “line” refers to products and services that have similar functional features, characteristics, and are aimed at a specific segment of the target audience.
Assortment is the totality of goods/services that a company offers to customers in general.
The product line and mix contain the thailand whatsapp number main components of a company's portfolio. However, it is important to note that the product mix is much more than a product line. Let's look at an example to better understand.
Pepsi offers different product lines such as energy drinks: Pepsi, Mountain Dew, 7UP, Marinda, and food products such as Quaker Oat. The consumer can get confused by this vast selection. It is important to separate the assortment into lines to simplify the customer journey and increase the overall profit of the company .
4 goals of creating a product line
The formation and development of the product line has the following goals:
Maximizing Revenue: Instead of selling the same product to a customer, the company offers a diverse product line, which significantly increases profits.
Reducing advertising costs. With a product line, a company can reduce marketing and PR costs. This is done by using a brand strategy and advertising campaign that is common to the line.
Why do you need a product line?
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Target audience retention. This is an extremely important aspect of a successful business. If a customer purchases a single product from a company, they can easily switch to competitors after that. However, if a company offers a product line, this creates an excellent opportunity to retain the consumer and interest them in repeat purchases.
Expanding your customer base. Expanding your product family is an effective way to attract new audiences.