Set 2 – Flashcards
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Mix
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The particular assortment of products a business offers to meet market needs and company goals is its product
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Item
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Each individual good,services or idea a business offers for sale is known as a product
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Kraft convenience foods
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Which of the following is an example of a product line:
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Customer group
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Which of the following is a way a business can set up a product line.
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Width
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The number of a product lines a company carries is referred to as
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Depth
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The number of products and the assortment of sizes , colors, and models offered in products lines is referred to as
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End use
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Which of the following is one of the elements included in judging the consistency of a company's product lines
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Discount store
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Which of the following is an example of business with a broad product mix.
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Deep
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A business that offers a great many items in a product lines has a _____ product mix
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To allow the company to specialize
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Which of the following is a reason for a business to have a narrow product mix
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To promote one-stop shopping
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Why would a business use a broad product mix?
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To compete effectively
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Which of the following is a reason for a business to offer a deep product mix:
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To control costs
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Why would a business use a shallow product mix?
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Decreases marketing costs
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Selecting the product mix is an important decisions for a business for all of these reasons except that it
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Expansion
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A salon recently added nails services to its product mix. This strategy is called
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To satisfy customers desires for variety
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Which of the following is a reason for a business to add product items or lines to its product mix
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Contraction
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A product mix strategy in which a business removes, or deletes, product items or lines from its product mix is
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To avoid legal liabilities
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Why would a business removes or delete product items or lines from its product mix?
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Alteration
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A product mix strategy in which a business redesigns its product is
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To keep up with changing consumer preferences
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Which of the following is a reason that a business would make changed to its products
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Trading up
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A product mix strategy in which a business adds a higher priced product or line to its product mix is
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To enhance the image pf the company
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Why would a business add higher priced products to its product mix?
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Sales established products may decline
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Which of the following is a disadvantages associated with the addition of a higher priced product line to a company product mix
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Trading down
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A product mix strategy in which a business adds a lower priced product or line to its product mix is
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The company's reputation ay be damaged
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Which of the following is a disadvantage associated with the addition of a lower priced or line to a company's product mix.
