Product lines are a series of related products developed by the same manufacturer, often with different prices to appeal to a variety of consumers. Product line extensions are added to ward off competitors, and target markets are created based on age, location, and ethnicity. Marketers use statistical data to determine which products to keep and which to phase out.
A product line refers to a series of related products developed by the same manufacturer. Product lines should not be confused with product bundling, which combines multiple items into one type of product. Items within a product line usually share the same basic theme, and with the help of a successful marketing plan, these products can be completely effective.
Frequently, a product line includes different products that are offered to the public at different prices. In this way, a manufacturer or company can ensure that all products within a line are purchased by all types of people. Product line extension refers to any additional product that can be added to an existing product line.
Most of the time, product extensions are introduced to the public to ward off competitors. By creating products that match other competitive products, manufacturers can keep customers interested in a product they are familiar with. Since most people buy familiar brands, these same consumers are more likely to purchase a new product from a brand they are comfortable with than to purchase a product from an unknown brand.
Marketers create target markets based on age groups, geographic locations, and ethnicity. Target markets refer to a group or groups of people who are likely to buy a product. So even though products may be related, some products may look different, smell different, and even appear unrelated to appeal to different types of people.
For example, many manufacturers of air fresheners offer a variety of products ranging from flameless candles, aimed at parents with small children; to simple aerosol air fresheners, aimed at consumers who don’t want to spend a lot of money on an air freshener. While these products are related, they are very different.
Clearly, a great strategy goes into the marketing of various products. Marketers need to be aware of the competition at all times to advise manufacturers on new products to add to an existing product line. Also, a marketing agency must know the products they sell and the ones that remain unpopular.
Through the collection of statistical data, marketers can effectively determine which products should be kept within a product line and which products should be phased out. Prices are used to create a huge barrier between different products, with higher priced products usually being justified based on certain ingredients.
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