Product mix __ refers to the number of versions offered for each product in the line.
A) length
B) depth
C) height
D) width
E) consistency
The correct answer and explanation is :
The correct answer is:
B) Depth
Explanation:
A product mix (or product assortment) refers to the total set of products and services that a company offers to its customers. It consists of four key dimensions:
- Width – The number of different product lines a company offers.
- Length – The total number of products within all product lines.
- Depth – The number of versions offered for each product in the line.
- Consistency – How closely related the product lines are in terms of use, production, or distribution.
Understanding Product Mix Depth
Product mix depth refers to the number of variations available for a particular product within a product line. These variations can include different sizes, colors, flavors, features, price points, and packaging options. A deeper product mix allows companies to cater to diverse customer preferences, enhance brand loyalty, and increase market share.
For example:
- Apple’s iPhone lineup – Apple offers multiple versions of its iPhones, such as the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max, each with different storage capacities and features.
- Colgate Toothpaste – Colgate offers different versions like Colgate Total, Colgate Whitening, Colgate Sensitive, and Colgate Herbal to meet different consumer needs.
Benefits of a Deep Product Mix
- Better Market Coverage: Addresses varying customer needs and preferences.
- Higher Sales and Revenue: Customers have more choices, increasing the likelihood of purchase.
- Stronger Brand Loyalty: Consumers stick to brands that offer personalized options.
In summary, product mix depth is crucial for businesses looking to expand their product offerings while maintaining relevance and customer satisfaction.