Classification of Products

From Paul Hoang textbook, the free textbook.

Classification of products

(Classify products by line, range and mix)
Apple's variety of products differing in color and features as well as the different types provide an example of product line, product mix and product range

Product line
A product line refers to a variety of the same product that a business produces for customers of a particular market. They usually differ in size, color, priceorquality so that there is a greater chance that it meets the needs of different customers.

Product mix
A product mix, also known as the product assortment, refers to the variety of the different product lines that business produces. By having a wide product mix, sometimes referred to as the product portfolio, business should be able to increase overall sales as a variety of products are sold to a larger customer base.

Product range
The product range of an organization refers to all product lines of a firm's product mix, in other words, all the products sold by the business.

For example, Apple Macintosh sells different types of computers, that is a product line. It also sells laptops, accessories and iPods, and these collectively form Apple's product mix. All the range of Apple computers, laptops, iPods and so forth form the company's product range.

New product design and development

(Describe the importance of innovation in an era of rapid technological change and discuss the problems of financing research and development)

The design of a new product, or innovation, tends to be crucial for success. In marketing terms, the term design does not only refer to physical appearance, but also to the process of adding value to a product. This can be done through a value analysis triangle.

Product life cycle

(Analyse the relationship between the product life cycle and the marketing mix, and determine appropriate extension strategies)

Extension strategies

(Analyse the relationship between the product life cycle, investment, profit and cash flow)

Relationship with investment, profit and cash flow

Product portfolio analysis

(Apply the BCG matrix to a given situation)

Boston consulting group (BCG) matrix

Use the BCG matrix to help in developing future strategic direction. (HL)


(Discuss the importance and role of branding)

Brand awareness
Brand development and brand loyalty

Types of branding - Family branding, Product branding, Company branding, Own label branding, Manufacturer’s brand (HL)
Distinguish between different types of branding. (HL)
Analyse the role of branding in a global market. (HL)