Ever wonder what a product mix is? Well, in simple terms, a product mix is an assortment of product lines offered by a brand. This may sound a little confusing at first but the concept is fairly simple to understand once you read up on some examples. (And that’s exactly what we’ll be discussing in this blog.) Product Mix Definition As mentioned earlier, a product mix is the total number of product lines offered by a company to its customers. For instance, Johnson & Johnson has numerous product lines that include skin care, child care, and pharmaceutical products etc. here, the product mix would be a combination of all these product lines. Importance of a Product Mix Now you’re probably wondering why a product mix is so important. So here’s the thing, organization plays a pivotal role in devising any business model. Creating a product mix not only establishes a…

Understanding an organization’s marketing environment is perhaps the most effective way to build long lasting customer relationships. Marketing managers are appointed the task to mold company policies according to the shifting environment. What Is a Marketing Environment Marketing environment deals with the variables or influences of the internal and external environment of an organization. These factors collectively affect the company’s ability to cultivate and maintain strong customer relationships. Marketing Environment Explained The marketing environment comprises of two important components. This includes the internal environment and external environment. Internal Marketing Environment The internal environment of a firm constitutes of all those factors inside a firm that’ll impact its marketing operations. Some common factors include capital assets, company policies, employees, organizational structure along with its goods and services. All these factors are under the control of the firm. Experts like to group these factors under the Five M’s of business: Money Men Materials…