What is product mix and product line decision?

What is product mix and product line decision?

A company’s product mix has the certain width, length, depth and consistency. The width of a product mix refers to how many different product lines the company carries. The length of a product mix refers to the total number of items in a particular product line.

What is product mix decision?

Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening any existing line, or bringing new variants of a brand to expand the business and to increase the profitability.

What is the difference between product line and product mix?

Product Mix vs 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 a product mix?

Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. Consumer behavior reveals how to appeal to people with different habits tend to use together or think of as similar products or services.

What are the various product mix decisions?

These are: width, length, depth, and consistency. The first of the product mix decisions refers to the product mix width.

What is product and product mix?

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

What are the two major decisions in a product mix?

Product Mix Decisions – Width, length, depth and consistency.

What is product mix management?

What is product line management?

Product Line Management is an organizational scheme and alternative management system for focusing on the programmatic scope of operations in order to achieve particular objectives. Although Product Line Management seems to be a method to increase profitability, its effect on the quality of client care remains unclear.

What should be considered in a product mix decision?

In the overall product mix decision, a firm needs to consider product line: consistency. Product line breadth refers to how many (or how broad) is the range of products offered by the firm. For example a manufacturer of kids clothing, could produce shirts, pants, and skirts only – having quite a limited breadth of clothing products.

What does it mean to make product line decisions?

Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. To understand Product Line Decisions simply, we can look at a smartphone manufacturer, like Samsung and Apple. They are known to customers as smartphone makers, but they are more than that.

How can a company increase its product mix?

We can identify four ways in which a company can increase its business on basis of the four product mix decisions determined above. Add new product lines: widen the product mix. New lines benefit from and build on the company’s reputation in its other lines. Lengthen the existing product lines.

What do you mean by product mix in MBA?

Explain product mix decisions. Answer. Product mix or product assortment refers to the number of product lines that an organisation offers to its customers. Product line is a group of related products manufactured or marketed by a single company.