| The product mix is the complete range of products
produced by a company. When managing a large range of products serving
several markets, firms must develop ways of analysing the performance of
these products. |
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| Changes in consumer tastes mean that even though
products such as Heinz Tomato Ketchup have staying power, there is
always a demand for new products. Refreshing existing concepts through
innovation extends the way in which products are used and consumed. |
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| Firms need to use their knowledge of their market to: |
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- identify gaps and trends in existing and new markets
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| Gap filling products include innovative product
extensions that match changing consumer needs. For example, many
companies offer an optional organic product or range which co-exist
alongside their mainstream lines. |
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| Heinz products are sold within fast-moving
consumer goods markets. Today these markets are characterised by: |
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- intense competitive activity
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- innovative and creative products
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- rapidly changing markets reflecting different
lifestyle/expectations.
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| For example, within these markets, many of
today’s consumers do not want to spend time cooking. They
want: |
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- products that are convenient that can be effortlessly
cooked
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- a broader range of product options with more choices
to meet their needs, tastes and lifestyles
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- convenient packaging that enables products to be eaten
direct from the microwave
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- products that do not create any washing up
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- products that can be eaten on the move.
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| Over and above these generic qualities,
many consumers want the reassurance that comes from superior
quality associated with a brand heritage. Heinz is well
placed to meet this requirement. |
