What is product range in marketing?
What is product range in marketing?
The range of products is the set of all types and kinds of products offered to customers by the company or any of its units. It can also be understood as a set of products offered by the entire industry. This range can be more or less specialized or generic. It is described by width, length, depth and consistency.
What is expanding product range?
Expanding your product line is a way of focusing on your customers and offering them add-ons or variants of the products they already love. Because your target audience already has buy-in to your business, your research into what products to add should include their authentic feedback.
What is product expansion strategy?
Product expansion is when companies grow their businesses by adopting a market expansion strategy. This is when a company will attempt to reach out to other markets after capturing the interest of their target market. This matrix is designed to help with plans for growth through new or existing products and/or markets.
What does expansion mean in marketing?
Market expansion is the process of offering a product on a larger scale in an existing market or making it available in a new market. The strategy behind it starts with analyzing existing and future channels of distribution and concludes with adopting measures to increase reach and sales in the markets of interest.
What is product range with example?
Examples of a product range can include a peanut butter maker, offering its peanut butter in a variety of similarly priced versions of crunchy, creamy, and no added sugar peanut butter. The products may have more features in each of the larger sizes, but the core TV product remains the same.
Why is product range important?
Choosing how many product offerings to develop, market and support is a key decision for any company – and it can have a significant impact on growth and productivity. Having a wide range of product lines increases the chances of satisfying more customers and can improve productivity.
How do you increase product range?
5 ways to expand your product range for free or little cost
- Co-promotion with another retailer.
- Increase your product selection with Photoshop.
- Survey your customers for products they want.
- Test-market a non-existent product.
- Make slight changes to your existing product.
What is a repositioned product?
Product repositioning is changing the overall positioning (that is, key product benefits, product use or competitive advantages) or changing the target market for the product.
Why is product expansion important?
Expanding your product line gives them fresh opportunities to engage with your brand. Selling more products obviously increases your revenue. More significantly, adding a new product line also decreases your overall costs because it’s much cheaper to retain existing customers than acquire new ones.
What is the product market expansion grid?
The Product Market Expansion Grid offers four main suggested strategies: Market Penetration, Market Development, Product Development, and Diversification. Market Penetration Strategy: Existing Products + Existing Markets = Low Risk The Market Penetration Strategy creates growth by focusing on introducing current products to existing markets.
What are the different strategies of product market expansion?
There are 4 main strategies of the product market expansion grid. These are mentioned below. Market penetration strategy is decided when the product is a current product in an existing market. It falls in quadrant 1. Thus, in such a case, the customers are aware about the product and due to one reason or another are not using the product.
What can Igor Ansoff’s product market expansion grid do for You?
Through his accomplished career and ground-breaking books, Igor Ansoff’s contributions to corporate strategic planning remain prominent in academia and beyond. The Product Market Expansion Grid is one such contribution to corporate strategic planning that can be used by any company looking to develop strategies to grow a business.
Why do agencies need market research for product development?
Agencies need to use market research for product development to visualize market opportunities and reduce associated risks in releasing a product. Altering Existing Products: Modifications are added to existing products in response to changing customer needs, or to improve its performance.
