As a business term, Product Line refers to a group or set of related products that are sold under the same brand name. They are often characterized by similar features and benefits, but with some notable differences in terms of quality, performance, and price.
Product Mix refers to the complete range of products offered by a company. It includes all the different types of products available for sale as well as their variations such as colors, sizes or pricing options.
For instance, A footwear company’s product mix may include casual shoes like sneakers, dress shoes like loafers or boots etc.
Product assortment is another way of describing product line. It's the breadth and depth of a company's offerings within specific categories such as gaming consoles , smart phones , music systems .
So when we talk about Sony playstation 5 pro (product line) then sony entertainment can have other playstations also having different capabilities like storage size (product assortment).
A Product portfolio(also referred to product family), is an umbrella term used in marketing to describe all kinds/types/products created/sold under one parent organization.
For example Ford Motors has several brands beneath its parent entity among which exist various vehicles so collectively,fords portfolio defines these car model that ford produces(another term representing the variety found within its offerings)
Product development involves creating new products or improving existing ones through research design engineering prototyping and manufacturing approaches to bring better functionality,output analysis,customer friendly solutions across our retail store fabric .
Big tech players will develop newer updates/versions models every year giving consumers added feature/benefits increasing user engagement with latest technology i.e Apple annually releases latest iphones devices.
