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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 |