Definition of 'Product Line'
Product lines can be a valuable tool for businesses for a number of reasons. First, they can help businesses to reach a wider audience by offering a variety of products that appeal to different needs and wants. Second, product lines can help businesses to increase their sales by cross-selling products within the line. Third, product lines can help businesses to reduce their costs by sharing resources across products.
There are a number of factors that businesses should consider when developing a product line. These factors include the target market, the product's features, the price point, and the competition. Businesses should also consider the long-term viability of the product line and how it will fit into their overall business strategy.
Developing a successful product line can be a complex and challenging task. However, by carefully considering the factors involved, businesses can create product lines that can help them to achieve their goals.
Here are some additional details about product lines:
* Product lines can be either horizontal or vertical. Horizontal product lines offer a variety of products within the same category, such as a line of different types of shoes. Vertical product lines offer a range of products at different price points, such as a line of shoes that includes both affordable and high-end options.
* Product lines can be either broad or narrow. Broad product lines offer a wide variety of products, while narrow product lines offer a more limited selection. The right product line width for a business will depend on its target market and its overall business strategy.
* Product lines can be either deep or shallow. Deep product lines offer a variety of options within each product category, while shallow product lines offer fewer options. The right product line depth for a business will depend on its target market and its overall business strategy.
Product lines are an important part of many businesses' marketing and sales strategies. By carefully considering the factors involved, businesses can create product lines that can help them to achieve their goals.
Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.
Is this definition wrong? Let us know by posting to the forum and we will correct it.