Product Mix
A product is the most important components of marketing mix. Product means goods, materials, services and even ideas. In marketing the word “product” doesn't indicate only physical goods or materials. It also indicates quality, price, brand, color, packaging, seller's services, goodwill, warranty of goods with which the customers can get satisfaction.
The product can be physical object or tangible and service of intangible offered to the customer. Product is the bundle of utilities. It satisfies the needs and wants of customers. Product plays the important role in marketing.
Product mix includes quality, design, variety, packaging, branding, labelling and services.
Quality: It is the most important components of product mix. Quality product is essential to meet the demand of target customers or market.
Design: Product should be well designed or attractive.
Variety: Producers produce different varieties of products to match the target market and fulfills the different types of customers.
Branding: It is another components of product mix. It is name or symbol to denote product. For example: Nokia, LG, Apple, Samsung etc.
Packaging: Another components of product mix is packaging. Attractive, durable, economical and easy packaging attracts customers.
Service: Service is another important component of product mix. After sales service, warranty, home delivery etc. are the examples of service.
Labelling: Labeling gives necessary information to the customers about the products. The customers can get knowledge about the quality and features of the product without tasting the product. A label is an informative tag, wrapper or seal attached to a product or product's package.