What is product mix? State the salient features of product to be considered under product mix.
Product mix refers to the important decisions related to the product such as quality, design, packaging, branding, labelling, etc.
The features of a product are given below:
(i) A product is tangible. It is made of certain physical attributes such as shape, size, etc. It can be seen, touched and felt.
(ii) In addition to physical features, a product has certain attributes, which help customers to distinguish it from other products. Package, brand name, warranty, etc, are such associated activities.
(iii) A product has some value, which can be measured in terms of moneys
(iv) Every product is meant to satisfy some needs and wants of human beings.