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Product Mix Strategies Mind Map (positioning (disadvantages: Once an…
Product Mix Strategies Mind Map
positioning
disadvantages: Once an image is established changing it can be very difficult
example: Macy's being associated with an older market
advantages: Creates loyalty within a brand
product alteration
disadvantages: There may be a time where it doesn't pay off
example: New coke
advantages:Improving an existing product may be a risk that pays off
trading up
disadvantages: There is a possibility it could hurt the sales of your other products
example: Dollar general introducing a more expensive product
advantages: This may bring attention to a product and increase its image
product expansion
disadvantages: success cant be guaranteed and expansion is usually expensive
example: Gatorade introducing a new flavor
advantages: Introducing new items can capture the needs and wants of a market
trading down
example: A company known for more expensive products introducing a cheaper product
disadvantages: The image of the higher prices items can be damaged
advantages: It can attract lower income customers
product contraction
example: A restaurant removing a menu item
disadvantages: Sometimes removing products can give your competitors the advantage
advantages: Removing products can be cost efficient