The length of a product mix refers to the number of different products a firm sells.
The correct answer and explanation is :
The correct answer is: True.
Explanation:
In marketing, the term “product mix” refers to the total range of products that a company offers for sale. It encompasses all the products and services a business markets to its target audience. The product mix has four main dimensions, which are:
- Width: This refers to the number of product lines a company offers. A product line is a group of related products that share similar characteristics or fulfill a similar function. For example, a company like Apple may have product lines for phones, tablets, laptops, and wearables. The wider the product mix, the more diverse the company’s offerings are.
- Length: The length of the product mix refers to the total number of individual products within the product lines. For example, if a company has three product lines, and each line has five products, the length of its product mix would be 15. The length reflects the variety within each product line.
- Depth: Depth refers to the number of variations of each product in a product line. Variations could include different sizes, colors, flavors, or models of a particular product. For example, in the phone line, Apple offers different models like iPhone 13, iPhone 13 Pro, and iPhone 13 Mini.
- Consistency: Consistency refers to how closely related the various product lines are in terms of their end use, production, and distribution channels. If the product lines are related, it is said to be a consistent product mix. For example, a company that sells only tech products (laptops, phones, wearables) has a more consistent product mix than a company that sells both tech products and furniture.
The length of the product mix, as stated in the original question, specifically refers to the number of different products a firm sells across all its product lines. Firms may alter the length of their product mix by adding or removing products, depending on market demands, competition, and other business strategies.