Why is a product line important?
Product line is an effective strategy that is very useful for companies that want to attract a wider audience to buy their products. In this way, customers can, in most cases, satisfy thailand whatsapp number all their needs by choosing a specific brand.
How do product lines work?
Many companies use product lines as a powerful marketing tool to increase sales among the brand's trusted customers.
How Product Lines Work
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Experience shows that consumers are more likely to respond to brands with which they are familiar and have had positive experiences. This leads to their willingness to purchase new products from a company based on previous good impressions.
What does the product line consist of?
Expansion involves adding new products to a family of product lines to fill gaps in the customer base. For example, adding plus-size clothing to the catalog will help meet the needs of people with a curvy figure. Introducing standard-size models that fit the bulk of customers will help fill out the product line.
What is product line pricing?
Multiple variants of one product/service in several price categories is a great way to diversify a product line based on customer preferences and capabilities. When it comes to car manufacturers, they often have to offer a basic model with special equipment to meet the needs of any buyer.
From an economical version without frills to a luxurious option with all possible additions - this is how manufacturers attract the attention of consumers with different income levels and extensive requests.
What is product line policy?
The product range strategy covers the range of products that a company offers on the market, their volumes and release dates. This policy sets out the general guidelines that govern management's decision-making regarding products.
What factors determine the product line?
The formation and expansion of the product line is closely linked to the company's goals and strategy, as well as available resources.
It is generally accepted that there are three main directions in the process of forming and developing a product line: expansion, reduction and renewal. Increasing the product component involves introducing new products: related to existing ones or absolutely new for the company. Reducing the product line involves eliminating products that do not live up to expectations, are outdated or irrelevant. Renewing the range involves improving the quality, application, appearance or price of existing products/services.