What do we call a group of products that share similar characteristics or are intended for a similar market?

The correct answer is a product line. A product line refers to a group of related products that share certain similarities, such as function, design, or target market. For example, a company that produces personal care items may have a product line that includes various types of shampoos, conditioners, and styling products, all designed for hair care.

Having a well-defined product line allows businesses to minimize marketing costs and leverage brand recognition, as customers often recognize and trust a specific product line within a brand. Additionally, managing different items within a product line can help companies to cater to different customer preferences while still maintaining a cohesive brand identity.

In contrast, a product category is a broader term that encompasses all products that serve a similar purpose across different brands, while a product mix refers to the total number of product lines a company offers. A product range is often used interchangeably with product line but can sometimes refer to the variety of products within a single line rather than the line itself. Understanding these distinctions is important for effective marketing and product management.