PRODUCT MIX

Product mix | Business Studies Study MaterialMEANING OF PRODUCT AND PRODUCT MIX

Product:

  • It refers to goods or services or anything which can be exchanged for a price.
  • Products can be of two types –

(a) Tangible Product (physical form) and

(b) Intangible Product (Services form)

  • For Example: Soap, Toothpaste, Computer, Mobile etc.

Product mix:  

“Product mix” means the total number of products and items that a particular marketer offers to the market.

MAJOR COMPONENTS OF PRODUCT MIX ARE

  1. Branding
  2. Packaging
  3. Labeling

What is branding? Why the three components are included in the Product Mix?