Product Line Strategy

A product line is a group of items manufactured by a company which are similar or related. Companies may develop one product line, or may diversify to appeal to the masses. Product line strategies help the company determine which items to produce and how they should be marketed.

Explanation

Companies frequently offer similar goods priced at different levels. This strategy allows the company to reach as many consumers as possible. For example, clothing companies may offer similarly styled clothing, however the quality of the material used for some pieces will differ greatly than that used for others, and may be sold at a lower-end store.

Application

Companies will market their product lines to the consumer they wish to attract. Clothing companies geared towards tweens and teens will focus their products on this age group, keeping their normal price point in mind. Higher-end clothing will appeal more to the older consumer who may have more money to spend on higher quality items.

Considerations

Develop a specific plan for your product line. Consider past and future trends of the product. Set goals for product sales, and work towards meeting those goals.

References

• All Business: Product Line
• American Marketing Association: Planning Product Line Strategy
• Business Dictionary.com: Marketing Strategy