Marketing 3.03 Product Mix Vocab.

Product line

A category of brands in which one brand is used for group of related products in a product line.

Width

A product mix dimesion referring to the number of products and the assortment of sizes, colors, and models offered in a product line.

Expansion

A product mix strategy bin which a business expands its product mix by adding additional product items or product lines.

Business feasibility

Examining such factors as demand, cost, competition, capital investment required, and potential profit of a product or service to determine how it will fit into the company's product mix.

Deep

Extensive variety within a product line. A description of the depth of a business's product mix offering a great many items in the product line.

Narrow

Limited product lines carried, typically very specialized. A description of the width of a business's product mis offering a limited number of product line

Contraction

Narrowing or decreasing number of product lines carried. A product mix strategy in which a business removes or deletes, product items or product lines from its product mix.

Brand positioning

a breanding strategy in which marketerss create a certain image or impression of a brand as compared to those of competitors' brands.

Consistency

associated with a narrow product mix. A product mix dimension reffering to how closely a company's product lines are relateed in terms of the products' end use, methods of distribution and production, traget market(s), and/or price range.

Positioning

is all aout perception, actions marketers take to create a certain image of a product in the minds of the customers. a product mix strategy in ehich a busines creates a certain image or impression of a product in th minds of consumers.

Alteration

making changes to meet customer needs & wants; improvement of an established product. A product mix strategy in which a bussiness makes changes to its product or product line.

Broad Product Mix

many different product lines carrried. A description of the width of a business's product mix offering many product lines.

Product depth

number of items offered with in each product line

Product elimination

the removal of a weak product from the market and from the company's product mix, also knoen a product discontinuation.