Difference Between Marketing Mix and Product Mix

1. What is the difference between marketing mix and product mix?
2. What is a product marketing mix?
3. What is product and product mix?
4. What is marketing mix with example?
5. What are the 7 types of product?
6. What are the three elements of price mix?
7. Why is product the most important marketing mix?
8. What is the most important marketing mix?
9. Why is product marketing mix important?
10. What are the types of product mix?
11. What is product line and example?
12. What is Nike's product mix?

What is the difference between marketing mix and product mix?

The key difference between Marketing Mix and Product Mix is that Marketing Mix is a broader term which includes the complete array of marketing tactics while product mix only refers to few elements of the product variable from the whole marketing mix.

What is a product marketing mix?

Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. ... Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

What is product and product mix?

What is Product Mix? Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. A product mix consists of product lines, which are associated items that consumers.

What is marketing mix with example?

Marketing mix usually refers to the set of 4Ps viz. Product, price, Promotion, Place. But theoretically, the marketing mix is a much broader term. Often the three additional Ps- process, people, physical evidence is also added and called 7 Ps of Marketing.

What are the 7 types of product?

Some of the types of product are:- 1. Durable Products 2. Non-Durable Goods 3.
...
Type # 2. Consumer Products:

• Convenience Products: ...
• Shopping Products: ...
• Speciality Products: ...
• Unsought Products:

What are the three elements of price mix?

Price (Mix):

The combination of different 'price related variables' chosen by a firm to fix the price of its product is called Price Mix. Price related variables include pricing objectives, cost of product, competitor's price, profit margin etc. Price is the amount of money customers have to pay to obtain the product.

Why is product the most important marketing mix?

It's reasonable to surmise that a product is anything tangible or intangible which in most cases a consumer is willing to pay money for. The product brings us back to the basics of marketing. It's a company's revenue stream and lifeblood. The product satisfies a consumer's need and/or want.

What is the most important marketing mix?

In school, we learn that there are 7 Ps in the marketing mix: product, place, people, process, physical evidence, promotion, and price. Traditionally, each of these P's has been an important way to differentiate your company from the competition.

Why is product marketing mix important?

THE PRODUCT IN FOUR P'S (MARKETING MIX)

An understanding of the elements that make up a product and those necessary to successfully sell is called the product marketing mix. Product has a vital role in developing the strategy for the overall marketing mix which includes place, price and promotion.

What are the types of product mix?

6 types of Product Mix pricing to push products in the market

• Let us discuss each type of product mix pricing in detail.
• 1) Product line pricing.
• 2) Optional feature pricing.
• 3) Captive product pricing.
• 4) Two part pricing.
• 5) By Product pricing.
• 6) Product bundling pricing.

What is product line and example?

A product line is a group of related products all marketed under a single brand name that is sold by the same company. ... Companies often expand their offerings by adding to existing product lines because consumers are more likely to purchase products from brands with which they are already familiar.

What is Nike's product mix?

Nike Inc.'s marketing mix (4Ps) determines the profitability and growth of the athletic footwear, apparel, and equipment business. A company's marketing mix refers to the strategies and tactics applied to execute the marketing plan, with focus on products, place, promotion, and price (the 4Ps).