The five product levels are:

A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.

3 Main Types of Goods | Economics

• Economic and Non-economic Goods: ADVERTISEMENTS:
• Consumers’ Goods and Producers’ goods:
• Consumers’ Goods:
• (a) Single-use Consumers’ Goods:
• (b) Durable-use Consumers’ Goods:
• Capital or Producers’ Goods:
• (a) Single-use Producers’ Goods:
• (b) Durable-use Producers’ Goods:

• Core benefit: The fundamental need or want that consumers satisfy by consuming the product or service.
• Generic product:
• Expected product:
• Augmented product:
• Potential product:

basic products means products intended for export after processing into processed products or into goods; goods intended for export after processing shall also be regarded as basic products, Sample 1. Sample 2.

Examples of consumer products

• Magazines.
• Laundry detergent.
• Energy drinks.
• Candy.
• Toothpaste.
• Candles.
• Vitamins.
• Cleaning supplies.

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. The four dimensions to a company’s product mix include width, length, depth and consistency.

What Is a Product Mix Strategy? A successful product mix strategy enables a company to focus efforts and resources on the products and product lines within its offerings that have the greatest potential for growth, market share, and revenue.

Five product mix pricing situations

• Product line pricing – the products in the product line.
• Optional product pricing – optional or accessory products.
• Captive product pricing – complementary products.
• By-product pricing – by-products.
• Product bundle pricing – several products.

Top 8 Alternative Product Mix Strategies

• Expansion of Product Mix: Expansion of product mix implies increasing the number of product lines.
• Contraction of Product Mix:
• Deepening Product Mix Depth:
• Alteration or Changes in Existing Products:
• Developing New Uses of Existing Products:
• Trading Up:
• Trading Down:
• Product Differentiation:

The function of a product mix is to provide or advertise one type of product to as many consumers as possible. A good product mix will have a variety of products that will fit each person’s needs.

Product mix is expanded, contracted, or modified depending on following factors:

• Profitability: Every business unit tries to maximize its profits.
• Objectives and Policy of Company:
• Production Capacity:
• Demand:
• Production Costs:
• Government Rules and Restriction:
• Demand Fluctuation:
• Competition:

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.

Four important dimensions of a product mix can be identified. These are: width, length, depth, and consistency. The first of the product mix decisions refers to the product mix width. The width is all about the number of different product lines the company carries.

These brands, even though different from each other, are controlled and operated by a single parent brand – Coca-Cola. These different product categories (or brands) are called product lines of the parent brand.