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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 a great many items in the product line.
Depth A product-mix dimension referring to the number of products and the assortment 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.
Goods Tangible objects that can be manufactured or produced for resale.
Liabilities Responsibilities of the business, especially legal responsibilities.
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's goals.
Product-mix strategies The ways in which businesses handle, or manage, their product mixes.
Service(s) 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 items in the product line.
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: ZLittle97
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