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Marketing 3.03
| Term | Definition |
|---|---|
| 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 |