Question:
Explain the term "Product Mix" and describe its components.
Explain the term "Product Mix" and describe its components.
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A well-balanced product mix helps a company meet diverse customer needs while optimizing resources.
Updated On: Sep 1, 2025
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Solution and Explanation
The product mix refers to the total range of products offered by a company. It represents the variety of product lines and products within each line.
Step 1: Product Line.
A product line is a group of related products offered by a company that serves a similar customer need. For example, a company that sells different types of beverages has a product line for drinks.
Step 2: Product Length.
Product length refers to the total number of products within a product line. A longer product line means a wider variety of choices for customers.
Step 3: Product Depth.
Product depth refers to the number of variations of a single product within a product line. For example, a shampoo brand may offer different variants for different hair types.
Step 4: Product Width.
Product width is the number of different product lines a company offers. A company with a broad product mix offers a wide variety of product lines to cater to various customer needs.
Step 5: Product Consistency.
Product consistency refers to how closely related the various product lines are in terms of their use, production, and distribution channels. Final Answer: Product mix is the complete range of products offered by a company, consisting of product lines, product length, depth, width, and consistency.
A product line is a group of related products offered by a company that serves a similar customer need. For example, a company that sells different types of beverages has a product line for drinks.
Step 2: Product Length.
Product length refers to the total number of products within a product line. A longer product line means a wider variety of choices for customers.
Step 3: Product Depth.
Product depth refers to the number of variations of a single product within a product line. For example, a shampoo brand may offer different variants for different hair types.
Step 4: Product Width.
Product width is the number of different product lines a company offers. A company with a broad product mix offers a wide variety of product lines to cater to various customer needs.
Step 5: Product Consistency.
Product consistency refers to how closely related the various product lines are in terms of their use, production, and distribution channels. Final Answer: Product mix is the complete range of products offered by a company, consisting of product lines, product length, depth, width, and consistency.
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