PRODUCT FAMILY

A group of related goods that are manufactured by a single company. Companies benefit from creating product families in that they can leverage the loyalty their existing customers feel toward an existing product to get them to buy additional, related products. Product families also allow companies to attract new customers to their brand by providing an array of products that are similar but meet slightly different needs. Customers benefit from product families because they can rely on their positive experience with an existing brand when choosing a new product.