The particular assortment of products a business offers to meet market needs and company goals is its product

mix

Which of the following is a reason that a business would make changes to its products:

To keep up with changing consumer preferences

Which of the following is a reason for a business to offer a deep product mix:

To compete effectively

Why would a business use a shallow product mix?

to control costs

A salon recently added nail services to its product mix. This strategy is called

expansion

Why would a business use a broad product mix?

To promote one-stop shopping

A product-mix strategy in which a business redesigns its products is

alteration

Which of the following is a reason for a business to add product items or lines to its product mix:

To satisfy customers' desire for variety

Which of the following is an example of a product line:

Kraft convenience foods

Which of the following is a reason for a business to have a narrow product mix:

To allow the company to specialize

The number of product lines a company carries is referred to as

width

A product-mix strategy in which a business adds a higher priced product or line to its product mix is

trading up

A product-mix strategy in which a business removes, or deletes, product items or lines from its product mix is

contraction

Which of the following is a way a business can set up a product line:

customer group

A business that offers a great many items in a product line has a __________ product mix

deep

A product-mix strategy in which a business adds a lower priced product or line to its product mix is

trading down

Which of the following is a disadvantage associated with the addition of a lower priced product or line to a company's product mix

The company's reputation may be damaged

One reason a business would remove or delete product items or lines from its product mix is?

To avoid legal liabilities

Each individual good, service, or idea a business offers for sale is known as a product

item

Selecting the product mix is an important decision for a business for all of these reasons except that it

decreases marketing costs

Which of the following is one of the elements included in judging the consistency of a company's product lines:

end use

Which of the following is a disadvantage associated with the addition of a higher priced product or line to a company's product mix:

Sales of established products may decline

The number of products and the assortment of sizes, colors, and models offered in product lines is referred to as

depth

Why would a business add higher priced products to its product mix?

To enhance the image of the company

Which of the following is an example of a business with a broad product mix

Discount Store