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Product mix, which we know as product assortment or product portfolio, refers back to the complete set of goods and/or companies provided by an agency. In different phrases, product variety refers to an organization known as a product combination.
The product line refers to the list of all associated merchandise manufactured or marketed by an agency or company. A product combination consists of product marks, which are related gadgets, which tend to make customers use collectively or consider them as related services or products.
Four major dimensions: Breadth, Size, Depth, and Consistency.
what is the meaning of width in the product mix?
Width, often known as breadth, refers back to the variety of product traces provided by an organization. let’s take an example of MDH Masala company product includes (1) Prepared-to-eat spices, (2) Breakfast and Dinner spices, (3) wet and dry spices and, (4) Hygienic, Natural, and Pure items.
what is the meaning of length in the product mix?
The Length of a Product mix refers back to the variety of gadgets within the product combine. As an example, a cement firm with two cement product traces (3-series and 5-series). Inside every product, line collection is three kinds of cement selection. In this instance, the product size of the corporate could be 6.
what is the meaning of depth in the product mix?
The Depth of a product combine refers back to the variants of every product within the product line. For example, a Tata automotive firm has a 4-series truck product line that will provide variations such as passenger cars and other vehicles, concept vehicles, commercial vehicles, and military vehicles. In such a case, the depth of the 4-series product line could be 5.
what is the meaning of consistency in the product mix?
The consistency of a product’s combination is reflected in the extent to which product marks are seamlessly interconnected with each other when it comes to their end-use, distribution requirements, manufacturing requirements, price ranges, media promotion, and This is how it comes.
Importance of a Product Mix
- Increasing the width can present an organization with the flexibility to fulfill the wants or calls for various customers and diversify threats.
- Increasing the depth can present the flexibility to readdress and higher fulfill present customers.
Efficiently expanding a product mix helps companies greatly change or adjust to consumer demand/preferences, while also reducing the risk and dependency of a product line. This, in flip, generates substantial income for the agency or company. However, poor product mix growth can have a detrimental effect on the model picture and profitability of the organization.
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