Know the specific demographics of your audience so that can create a launch strategy that is personalized just for them. Thus, line extension occurs when the company lengthens its product line beyond its current range. A strategic business unit may be a division, product line, or other profit center that can be planned independently from the other business units of the firm. Solution. Much of the information in this tutorial was originally published in Shopify's documentation here. Because most sub-brands are visually and tonally in line with each other, bad publicity or a colossal failure in even a smaller venture can have disastrous consequences. Currently, the preconfigured Products grid is available only on apps built on the Unified Interface framework and is optimized to work on the web. This gives customers more gift-giving options, and it can allow the store to experiment with new product lines without making a big investment in inventory. Here is an example of the types of custom product options you can set up. Product lining is the marketing strategy of offering for sale several related products. A store's merchandise mix may also change with the seasons. Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. 3. The company can extend its product line down-market stretch, up-market stretch, or both ways. A product line extension is the use of an established product’s brand name for a new item in the same product platform. Unlike product bundling, where several products are combined into one, lining involves offering several related products individually. The second new product category is new product lines. Demo. Note: Shopify refers to these kinds of custom product options as "line item properties." 2. Use the incremental approach to determine if Product B should be dropped. When a company offers a product from a new category that they haven't previously offered, then it would be a new product line. Products grid on the Opportunity, Quote, Order, or Invoice forms is now editable, so you don’t have to open individual product records to make changes to the product. A product line extension is any new product brought to market that is in the same product category that the firm already produces and markets. You could be offering the best new product or service around, but if you don’t promote it properly, you’re likely to miss out on opportunities or even end up losing money down the line. Coming up with a new product or service is a lot of work, which unfortunately does not stop once it’s ready — launching and promoting it is the other half of the equation. A line can comprise related products of various sizes, types, colours, qualities, or prices. Down-Market Stretch There are two types of product line extensions, horizontal and vertical. How are you going to market your new product or service to generate buzz? The company can extend its product line with a down-market stretch, an up-market stretch, or a move both ways. And a product category is related set of products – such as, dairy products, computer products, furniture, motor vehicles, and so on. What products or services do they offer and what sets you apart from them? Identifying your target audience. Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. By dropping Product B, the company will loose the sale revenue from the product line. The company will also obtain gains in the form of avoided costs. Developing your marketing strategy. The holiday shopping season, for instance, is a time when many retailers choose to add a greater variety. 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