Product line: concept, characteristics, stages of formation
Posted: Sat Jan 18, 2025 7:31 am
What is it? A product line is a group of related products sold under the same brand. It is important not to confuse it with an assortment, as these are different concepts.
What are the benefits? Proper formation of product lines allows businesses to increase profits by retaining old customers and reaching new audiences. This approach also provides an opportunity to save on advertising, since the products fall under the general brand strategy.
The article explains:
The concept of a product line
4 goals of creating employment data paqckage a product line
4 characteristics of the product line
Types of product lines
5 elements of the product line
5 stages of forming a product line
5 Options for Updating Product Lines
3 Ways to Expand Your Product Line
4 Product Line Pricing Strategies
3 Tools for Analyzing Product Lines
5 Common Mistakes When Creating a Product Line
7 Simple Product Line Examples
Frequently asked questions about product lines
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
Download for free
The concept of a product line
These are similar product groups produced and sold by a company. Well-known and reputable organizations, with financial resources and good knowledge of customer needs, often offer several product lines, while new businesses usually have to limit themselves to a smaller number of products.
If we consider the sales funnel as a path along which we lead a person from the first contact to making a purchase and further, turning a potential client into a loyal one, then the product matrix is a set of services or goods that satisfy the needs of the consumer at each stage of the sales process. Units of this line allow you to satisfy the needs of various segments of the target audience (TA) and contribute to scaling the business.
The product line is an integral part of the sales funnel. It is its foundation, built around the main product, to which all its constituent elements are tied.
Companies tend to group products into product lines based on their features and prices. For example, a nail care manufacturer might have one product line that offers a variety of nail polish shades and another that offers different types of nail polish remover. The former serves the same function, so it is placed in that line. However, polish and nail polish remover serve different purposes, so they are placed in different product categories.
Product line
Source: shutterstock.com
The basic principle of effective product line marketing is to take into account the preferences and tastes of consumers. Based on the fact that customers usually respond positively to well-known and recognizable brands, they are more likely to purchase new products from these companies based on their experience with products of the same brand.
As an example of a product line, consider the situation: a company successfully sells expensive cosmetics, including foundation, eyeliner, mascara, and lipstick under one of the popular brands. It can launch a new category of goods under the same brand, but at an affordable price.
A product line includes products with the same characteristics. However, there are other features that encourage the company to improve the product line. The following characteristics are highlighted:
The offered products have similarities with each other.
The products have similar functions.
They are intended for similar buyers.
The products are distributed through a single distribution channel.
The price of the goods is similar and remains in the same price range.
Read also!
"Examples of Marketing Strategies: From Apple to Barack Obama"
Read more
Marketing sets these features to improve the company's product line. At the same time, its development depends on a number of factors: production strategy, goals and interest
What are the benefits? Proper formation of product lines allows businesses to increase profits by retaining old customers and reaching new audiences. This approach also provides an opportunity to save on advertising, since the products fall under the general brand strategy.
The article explains:
The concept of a product line
4 goals of creating employment data paqckage a product line
4 characteristics of the product line
Types of product lines
5 elements of the product line
5 stages of forming a product line
5 Options for Updating Product Lines
3 Ways to Expand Your Product Line
4 Product Line Pricing Strategies
3 Tools for Analyzing Product Lines
5 Common Mistakes When Creating a Product Line
7 Simple Product Line Examples
Frequently asked questions about product lines
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
Download for free
The concept of a product line
These are similar product groups produced and sold by a company. Well-known and reputable organizations, with financial resources and good knowledge of customer needs, often offer several product lines, while new businesses usually have to limit themselves to a smaller number of products.
If we consider the sales funnel as a path along which we lead a person from the first contact to making a purchase and further, turning a potential client into a loyal one, then the product matrix is a set of services or goods that satisfy the needs of the consumer at each stage of the sales process. Units of this line allow you to satisfy the needs of various segments of the target audience (TA) and contribute to scaling the business.
The product line is an integral part of the sales funnel. It is its foundation, built around the main product, to which all its constituent elements are tied.
Companies tend to group products into product lines based on their features and prices. For example, a nail care manufacturer might have one product line that offers a variety of nail polish shades and another that offers different types of nail polish remover. The former serves the same function, so it is placed in that line. However, polish and nail polish remover serve different purposes, so they are placed in different product categories.
Product line
Source: shutterstock.com
The basic principle of effective product line marketing is to take into account the preferences and tastes of consumers. Based on the fact that customers usually respond positively to well-known and recognizable brands, they are more likely to purchase new products from these companies based on their experience with products of the same brand.
As an example of a product line, consider the situation: a company successfully sells expensive cosmetics, including foundation, eyeliner, mascara, and lipstick under one of the popular brands. It can launch a new category of goods under the same brand, but at an affordable price.
A product line includes products with the same characteristics. However, there are other features that encourage the company to improve the product line. The following characteristics are highlighted:
The offered products have similarities with each other.
The products have similar functions.
They are intended for similar buyers.
The products are distributed through a single distribution channel.
The price of the goods is similar and remains in the same price range.
Read also!
"Examples of Marketing Strategies: From Apple to Barack Obama"
Read more
Marketing sets these features to improve the company's product line. At the same time, its development depends on a number of factors: production strategy, goals and interest