Product Line Strategies
A product line is a group of related products under a single brand sold by the same company. Companies sell multiple product lines under their various brands. Companies often expand their offerings by adding to existing product lines, because consumers are more likely to purchase products from brands with which they are already familiar.
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.
Examples of Famous Product Lines
Microsoft Corporation as a brand sells several highly recognized product lines including Windows, Office, Xbox and SharePoint. Nike Inc. has product lines for various sports, such as track and field, basketball, and soccer. The company’s product lines include footwear, clothing and equipment. Starbucks Corporation’s product lines include coffee, ice cream and drinkware.
Product Line Strategy
In most businesses, strategic decisions are implemented by changes in the components of the product line or shifts in emphasis within a product line. In fact, most products actually belong to a line sold through the same distribution channel and this is true for cars, dog foods, electronic equipment, or even raw materials or travel tour packages. Also, each individual product is a quite rigid offering which cannot easily meet the changes in the market place. Thus gradual changes in emphasis within a product line make possible adaptive strategic moves that satisfy the needs for continuity in the business and for discretion in respect to competitors. But this fundamental business aspect is often overlooked. Marketeers wonder if they should decrease the price of their existing products to make room for a newcomer. They wonder if they have enough products in the line. They wonder if they should advertise the highest or the lowest part of their product line, and do not find easy ready answers. In fact, most business or marketing concepts seem to be related to individual products or different markets. Dealing with product line strategies is nevertheless one of the most important areas in market strategy.