A product mix strategy is a brand’s approach to identifying the right product assortment to offer to consumers and creating marketing materials that effectively promote those items.
A product mix strategy involves two elements: the determination of the right type and number of products to sell and the marketing strategies to promote them to specific consumer segments.
For the first element of their product mix strategy, brands carefully select which types of items they want to invest time and resources in selling. If the brand sells too few products or items that don’t resonate with its consumers, it risks losing its investment. If they sell too many, they take on operational costs that might impact their profits. Finding the right type and mix of products is the first step to engaging consumers in financially sustainable ways.
After the brand has determined the right kinds of products to sell, they then craft in-depth marketing plans to promote these products to their audiences. This can involve developing plans to launch new products or to promote upgrades to existing products.