by A product range refers to variations of a single product that are made in order to create similar yet distinctly different products. Each version of the product is designed to attract a different market segment with the intention of maximizing sales and building the customer base.
The success of product marketing in any business, small or large, is a direct result of having a satisfying array of products. Companies create and market these products to customers of varying ages, incomes, purchasing behavior and product likes and dislikes. Making sure the product range is right is a top priority for companies. Even companies as large as Coca-Cola continually assess their product marketing strategy to drive more growth, as seen in Marketing Week.
A look at the product mix vs product line discussions shows two types of product assortments. These include the “product range” (or product line) and the “product mix”. A company may have a strong product mix in several categories, and a comparable product range within those categories.
Advantages of Product Range
When companies roll out a product range, they are seeking to attract customers in a certain demographic, with common aspirations, income and purchasing behavior patterns. For example, a company may offer an excellent shampoo, like these on display at Matrix, and then develop alterations to the original formula for common audience targets.
Companies may also opt to create a product line extension from its product range, notes The Marketing Study Guide. A popular soft drink may opt to add in hints of pumpkin and cinnamon to capitalize on fall-winter taste themes. This has already happened in coffees and alcoholic beers.
Reasons for Product Range extension:
1) New Market Opportunities: When there is an emerging opportunity in a market sector, a company will launch various product variants in order to match the customer needs.
2) Product Life Cycle: In most cases, a product moves through four stages; Introduction, Maturity and Decline. When the product reached the maturity stage, company starts thinking about launching new variants to maintain the excitement among the customers or it will soon start to lose its customers to its competitors which have better functionalities.
3) Customer Loyalty: When a company wants to avoid the cost of acquiring new customers, it would launch new variants for the existing loyal customers.
4) Customer Needs: Introducing new products with emerging consumer needs. Getting customer insights and feedback through market research will help identifying those needs.
