Product Family
What Is a Product Family?
A product family is a group of related goods delivered by a similar company under the equivalent brand. A company might make a product family to leverage the loyalty of existing customers toward its original brand.
The product family supplies a variety of products that are comparable yet meet somewhat various necessities or tastes, possibly drawing in additional customers. Customers can depend on their positive previous experiences with a brand while picking another product.
Grasping a Product Family
The individual products in a product family are frequently very comparable. Their creation, bundling, and pricing might be almost however not exactly indistinguishable. That consoles consumers that they are getting a product just like the one that they definitely know, use, and trust, however with a marginally unique purpose.
For instance, the classic Oreo cookie has transformed into a whole product family. There are Oreos with not so much filling but rather more cookie, seriously filling and less cookie, mint-seasoned filling, and vanilla cookies. In any case, all of those varieties is unmistakably an Oreo, and the bundling makes that reasonable to customers.
For the company, making a product line or family can be an expense proficient business strategy. Having effectively [established a brand](/brand-the executives), the company will frequently have the manufacturing and distribution systems currently in place, the shelf space held, the marketing strategy completed, and a faithful customer base previously settled. It needn't bother with an enormous marketing budget to encourage awareness and interest. It's anything but another product rollout — rather, it's a change.
Product Family versus Product Bundle
A product family is an assortment of related products sold individually. A product bundle is a number of products packaged together at a special promotional price.
For example, the range of espressos at a bistro contain its product family. That family comprises of flat white, cappuccino, short black, and lattes. The bistro may likewise offer a product bundle, bundling a juice, cake, and sandwich together.
Consumers are consoled that they are buying a product just like one they definitely know, use, and trust, for a marginally unique purpose.
Illustration of a Product Family
A terrace grounds-keeper could have been involving similar pesticide for a really long time to control the caterpillars that eat his tomato plants, with palatable outcomes. One year, he adds sugar snap peas to his nursery and finds that he wants one more product to control an alternate problem, in particular fine mold, which influences sugar snap peas.
The company that creates the caterpillar pesticide has a whole family of products to help the home nursery worker effectively develop various yields. At the point when the landscaper goes to the store to purchase a product to handle the new problem, he normally picks a product that is tailored to the new problem yet from a similar brand.
The company makes the selection simple by introducing the two products in comparative bundling. The sizes and shapes are the equivalent however the label tones are unique, permitting the buyer to rapidly examine the decisions.
A product family might involve related products of different sizes, types, varieties, characteristics, or prices. A product family can likewise bring forth an assortment of sub-class product lines.
"Line consistency**"** alludes to how closely related the products that make up a product family are. "Line weakness" alludes to the percentage of sales or profits that are derived from a couple of products in the product family.
Features
- A product family leverages the customer trust and loyalty earned for the original brand.
- Making a product family can be an expense proficient way for a business to extend its variety of offerings.
- A product family is an assortment of complementary products showcased under a similar brand name.
