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What are the main product mix decisions? What is meant by product line, length, breadth, consistency and depth?
Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. A product mix consists of product lines, which are associated items that consumers tend to use together or think of as similar products or services.
Product Mix decisions at these three levels involves concepts such as width of product mix (variety), depth of product mix (assortment) and length of the product mix. Companies bring changes in its product mix overtime to stay competitive and address the ever evolving wants of consumers.
4 Dimensions Product Mix Decisions – Concepts of Width, Depth, Length, and Consistency of a Product Mix. The product mix is the composite of products that an organization makes available to consumers. The product mix of a company then will have a certain depth, width, consistency, and length. Width.
A successful product mix strategy enables a company to focus efforts and resources on the products and product lines within its offerings that have the greatest potential for growth, market share, and revenue.
Mar 19, 2024 · What is product mix decisions? These are a company’s decisions regarding removing an existing product or adding a new offering to the product assortment. The decisions may also be regarding lengthening an existing product line, adding a new line of products, or introducing new variants of a specific brand to improve profitability and grow the ...
In a nutshell, product mix – also called product assortment – is the total number and variety of product lines that your company offers to its target audience and customers. Say that you run a business that creates athletic leisure wear for physically active men and women.
