What is product mix?

What is product mix?

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. The four dimensions to a company’s product mix include width, length, depth and consistency.

How can product mix help in success of company?

A product mix is the set of all products that a company offers for sale. Managers need to provide products that meet the needs of the target markets and at the same time help achieve the company’s objectives in terms of market share and profitability.

What is product mix in management accounting?

Product mix (also called product assortment) is the set of all product lines and items that a particular manufacturer plans to produce. A manufacture’s product mix will have a certain width, length, depth, and consistency. The width of product mix refers to how many different products lines the company carries.

Why would a business use an expansion product mix strategy?

Why would a business use an expansion product-mix strategy? To satisfy customers’ desire for variety , customers want options. By expanding their product mix, businesses satisfy that desire.

What is product mix explain the product mix strategies?

A product mix is the total number of product lines and individual products or services offered by a company. Additionally referred to as product assortment or product portfolio. Product mixes vary from company to company. Some have multiple product lines with lots of products in each line.

What is product mix Wikipedia?

Product mix, also known as product assortment, is the total number of variety of products that a firm sells to their customers. It measures the total number of product lines. The width of product mix is one of the four dimensions of product mix along with the length, depth and consistency of product mix.

Why are product mix decisions so important quizlet?

Why are product-mix decisions so important? An appropriate product mix helps a company appeal to a target market, present a consistent image, sustain profitability, and deal with competition.

What is product mix discuss in details with each business example?

For example – if a company produces only soft drinks and juices, this means its mix is two products wide. Coca-Cola deals in juices, soft drinks, and mineral water, and hence the product mix of Coca-Cola is three products wide.

What is product mix quizlet?

Product mix. A particular assortment of products a business offers to meet its market’s need and its company’s goals. Product line. A group of related product items (toothbrush, toothpaste, mouthwash etc.)

Why would a business offer a deep product mix?

A broad a product mix, offering many product lines can help attract and reach more markets and create a competitive advantage while utilizing one stop shopping.

Why is product mix so important to your business?

It offers the ability to expand your customer base by offering more products in more niches. Understanding the basics of a product mix will help you understand why it is so important to your organization. Product mix is an important consideration for businesses that have large product or service lines.

What is the difference between a product mix and product line?

A product mix is a group of everything a company sells. However, the product line is a subset of the product mix. A product line refers to a unique product category or product brand a company offers.

What is an example of product mix?

Product Mix. Your product mix refers to the number and type of products or services you offer. For example, a restaurant might add healthy dishes and children’s meals to its main menu, or it might add delivery and catering services.

What are the dimensions of a product mix?

Dimensions of a Product Mix. #1 Width. Width, also known as breadth, refers to the number of product lines that is offered by the firm. For example, Kellogg’s product lines consist of: (1) Ready-to-eat cereal, (2) Pastries and breakfast snacks, (3) Crackers and cookies, and (4) Frozen/Organic/Natural goods.