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Unit 2 review

2.02 PM003

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 market(s), and/or price range
Contraction A product-mix strategy in which a business removes, or deletes, product items or product lines from its product mix
Deep product mix A description of the depth of a business's product mix offering significant variations of its products
Depth A product-mix dimension referring to the assortment of sizes, colors, flavors, 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
Goods Tangible objects that can be manufactured or produced for resale
Length A product-mix dimension referring to the total number of products in the product mix
Liabilities Responsibilities of the business, especially legal responsibilities
Long product mix A description of the length of a business’s product mix offering many products in its product lines
Narrow product mix A description of the width of a business's 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(s) and its company goals
Product-mix strategies The ways in which businesses handle, or manage, their product mixes
Service Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Shallow product mix A description of the depth of a business's product mix offering few variations within the product line
Short product mix A description of the length of a business’s product mix offering few products in its product lines
Target market The particular group of customers a business seeks to attract
Trading down A product-mix strategy in which a business adds a lower priced product or product line to its product mix
Trading up A product-mix strategy in which a business adds a higher priced product or product line to its product mix
Width A product-mix dimension referring to the number of product lines carried by a company
Created by: ademola
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