An overview of product mix

In competitive markets, companies often employ a product mix strategy to diversify their offerings and enhance market share, which involves managing a portfolio of product lines and services to stand out from competitors. A product mix allows businesses to offer complementary products, create synergies across different lines, and mitigate financial risk by not relying solely on one product. This strategy can be executed through expansion, contraction, or enhancement of existing products, depending on market demands and customer feedback. Product managers play a critical role in shaping product mix strategies by addressing customer pain points, conducting competitor analysis, and understanding the broader business landscape to guide investments and decisions. The evolving nature of a product mix requires companies to reassess their portfolios continually to remain competitive.