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Marketing 3.03

TermDefinition
Alteration A product-mix strategy in which a business makes changes to its products or product lines
Broad product mix A description of the width of a business's product mix offering many product lines
Cannibalization The situation that exists when the sale of one of a company's products takes away sales from another of its products
Competition The rivalry between two or more businesses to attract scarce customer dollars
Consistency A product mix dimension referring to how closely a company's product lines are related in terms of the products end use, methods of distribution and production, target markets, or price range
Contraction A product mix strategy in which a business removes, deletes, product items or product lines from its product mix
Deep product mix A description of a businesses product mix offering many items in the product line
Depth A product mix dimension referring to the number of products and assortments of sizes,colors, and models offered in a product line
Expansion A product mix strategy in which a business expands its product mix by adding additional product items or product lines
Liabilities Responsibilities of a business, especially legal responsibilities
Narrow product mix A description of the width of a businesses product mix offering a limited number of product lines
Product item Each individual good, service, or idea that a business offers for sale
product line A group of related product items
Product mix The particular assortment of goods and services that a business offers in order to meet the needs of its market and its company goals
Product-mix strategies The ways in which businesses handle, or manage, their product mixes
Shallow product mix Depth of a business products mix offering few items in the product line
Trading down Adds a lower priced product or product line to its product mix
Trading up Adds higher priced product or product line to its product mix
Width A product mix dimension referring to the number of product lines carried by the company
Created by: tiffany.page18
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