Which of the following statements about product-mix strategy is true?Select one:a.All of the different flavors of Jell-O gelatin would be an example of a product mix.b.A store that sells nothing but t-shirts has a broad product mix.c.Adding new products to a product mix can help a company's competitive position.d.A retailer that carries books, toys, video games, and coffee would have a deeper product mix than a store that sells only cosmetics
Question
Which of the following statements about product-mix strategy is true?Select one:a.All of the different flavors of Jell-O gelatin would be an example of a product mix.b.A store that sells nothing but t-shirts has a broad product mix.c.Adding new products to a product mix can help a company's competitive position.d.A retailer that carries books, toys, video games, and coffee would have a deeper product mix than a store that sells only cosmetics
Solution
The correct answer is c. Adding new products to a product mix can help a company's competitive position.
Here's why:
a. All of the different flavors of Jell-O gelatin would be an example of a product line, not a product mix. A product mix refers to all the products a company sells, while a product line refers to a group of related products under a single brand sold by the same company.
b. A store that sells nothing but t-shirts has a narrow product mix, not a broad one. A broad product mix would involve selling a wide variety of different types of products.
c. Adding new products to a product mix can indeed help a company's competitive position. It can attract new customers, meet more needs and wants of existing customers, and keep up with changing market trends.
d. A retailer that carries books, toys, video games, and coffee would have a broader product mix, not a deeper one, than a store that sells only cosmetics. Depth of a product mix refers to the variations in each product that the company sells.
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