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As mentioned above, the width of product mix is referred to as the total number of product lines that the company offers. A diversified product mix can target the maximum number of customers, however, such numbers of product lines requires much attention and focus as each product line targets different groups of consumers and involves individual strategy and management.
Product: A product refers to an item that satisfies the consumer's needs or wants. Products may be tangible (goods) or intangible (services, ideas, or experiences). Product design – features, quality; Product assortment – product range, product mix, product lines; Branding; Packaging and labeling
Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. [1] There are two types of product line extensions, horizontal and vertical. Horizontal extensions consist of keeping the price and quality consistent, but changing factors like ...
Product-family engineering is a relatively new approach to the creation of new products. It focuses on the process of engineering new products in such a way that it is possible to reuse product components and apply variability with decreased costs and time. Product-family engineering is all about reusing components and structures as much as ...
refers to the variety of product lines that a store offers. It is also known as product assortment width, merchandise breadth, and product line width.: (3) depth or number of product varieties within a product line. the number of each item or particular styles carried by a store. (4) consistency.
The following is a list of 10 of the most common mistakes companies make when pricing their products and services. Mistake No. 1: . Basing prices on costs, not customers’ perceptions of value ...
The end result is utter confusion. Apple, of course, does things much differently. If you want an Apple laptop, you can choose between a MacBook Air, MacBook Pro and a MacBook Pro with Retina ...
Product structure modeling. Product structure is a hierarchical decomposition of a product, typically known as the bill of materials (BOM). As business becomes more responsive to unique consumer tastes and derivative products grow to meet the unique configurations, BOM management can become unmanageable. For manufacturers, a bill of materials ...