Some of the major strategies adopted by FMCG companies for making their brands outstanding compared to competitions are as follows: The success of an FMCG depends greatly on its marketing strategy. An FMCG marketer pursues a wide combination of strategies. For instance, when prices are competitive, the company would use an extensive distribution network, design suitable advertising and sales promotion schemes from time to time.
For example, your company may sell multiple lines of products. Your product lines may be fairly similar, such as dish washing liquid and bar soap, which are both used for cleaning and use similar technologies. Or your product lines may be vastly different, such as diapers and razors.
The four dimensions to a company's product mix include width, length, depth and consistency. Number of Product Lines The width, or breadth, of a company's product mix pertains to the number of product lines the company sells.
For example, if you own EZ Tool Company and have two product lines -- hammers and wrenches -- your product mix width is two. Small and upstart businesses will usually not have a wide product mix.
It is more practical to start with some basic products and build market share. Later on, the company's technology may allow the company to diversify into other industries and build the width of the product mix.
Total Products The product mix length is the total number of products or items in your company's product mix. For example, EZ Tool has two product lines, hammers and wrenches. In the hammer product line are claw hammers, ball peen hammers, sledge hammers, roofing hammers and mallet hammers.
The wrench line contains Allen wrenches, pipe wrenches, ratchet wrenches, combination wrenches and adjustable wrenches. Thus, EZ Tool's product mix length would be Companies that have multiple product lines will sometimes keep track of their average length per product line.
In this case, the average length of your company's product line is five. Product Variations Depth of a product mix pertains to the total number of variations for each product.
Variations can include size, flavor and any other distinguishing characteristic. For example, if your company sells three sizes and two flavors of toothpaste, that particular line of toothpaste has a depth of six. Just like length, companies sometimes report the average depth of their product lines; or the depth of a specific product line.
Your company's product mix may be consistent in distribution but vastly different in use. For example, your company may sell health bars and a health magazine in retail stores.
However, one product is edible and the other is not. The production consistency of these products would vary as well, so your product mix is not consistent. Your toothpaste company's product lines, however, are both toothpaste.
They have the same use and are produced and distributed the same way. So, your toothpaste company's product lines are consistent.
Product Market Mix Strategy Small companies usually start out with a product mix limited in width, depth and length; and have a high level of consistency. However, over time, the company may want to differentiate products or acquire new ones to enter new markets.
They may also add to their lines similar products that are of higher or lower quality to offer different choices and price points.
This is called stretching the product line.
When you add higher quality, more expensive products, it's called upward stretching. If you add lesser quality, lower priced items, it's called downward stretching.For ITC, non-cigarette FMCG business comprises branded packaged foods, lifestyle retailing, education & stationery products, personal care products and safety matches, among others.
Unless you’ve been hiding under a rock for the last couple of years, you’re seeing the FMCG industry transform right in front of our eyes. That’s scary, but equally exciting.
So here are three things big FMCG marketers need to do to win as the industry evolves. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, and Place.
Fast moving consumer goods is therefore key to enabling the success of fleets operating within the Fast Moving Consumer Goods (FMCG) industry. MiX Telematics solutions form an integral part of these fleet operations, helping to: Track vehicles, drivers and loads in real-time and historically.
39 Product Mix Strategies: FMCG in Indian Market Mohankumar T.P. and Shivaraj B. A Gap-Filling This research paper exposes the attitudinal effects on the decision- b making process of consumers in purchasing FMCG products in a mass s market confined to .
The Connected Partner Program can help you navigate your partnership challenges, and this week, the program hit 50 partners: making it the industry’s largest curated community of partners for retailers and manufacturers in the fast-moving consumer goods (FMCG) space.