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As mentioned above, the width of product mix is referred to as the total number of product lines that the company offers. A diversified product mix can target the maximum number of customers, however, such numbers of product lines requires much attention and focus as each product line targets different groups of consumers and involves individual strategy and management.
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
Typical Marketing Decisions Product: A product refers to an item that satisfies the consumer's needs or wants. Products may be tangible (goods) or intangible (services, ideas, or experiences). Product design – features, quality; Product assortment – product range, product mix, product lines; Branding; Packaging and labeling
The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation (also known as physical evidence). The retail mix is loosely based on the marketing mix , but has been expanded and modified in line with the unique needs of the retail context.
Product planning (or product discovery) is the ongoing process of identifying and articulating market requirements that define a product's feature set. [1] It serves as the basis for decision-making about price, distribution and promotion.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
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The abstract model of product family engineering allows different kinds of uses, most of them are related to the consumer electronics market. Below an example is given of an application of the product line engineering process, based on a real experience of Nokia. Nokia produces different types of products.