However, it is critical that the marketer realizes that quality is in the eye of the consumer and may vary across consumers and products. The value of the good, in terms of its perceived benefits versus its costs, is also an important consideration in marketing. Branding and brand equity are also very important elements of the product bundle. A brand often serves as a summary statistic for a consumer. A good brand name can evoke feelings of trust, confidence, security, strength, and many other desirable characteristics.
Many companies use branding strategies in order to increase the strength of the product image.
The product mix is the composite of products offered for sale by the firm. Product line refers to a group of products that are closely related, either because they satisfy a class of need, are used together, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. The need for varying a product mix or line may be perceived as essential by the marketer due to consumers' need for variety, different subsegments in the target market, or simply competitive pressures. Products are introduced, grow, mature, and decline. This cycle varies according to industry, product, technology, and market.