Entrepreneurship II: Objective 3.01 Vocabulary Quiz

A product-mix strategy in which a business makes changes to its products or product lines

• Alteration

• Contraction

• Expansion

• Consistency

A description of the width of a business's product mix offering many product lines

• Narrow Product Mix

• Broad Product Mix

• Deep Product Mix

• Shallow Product Mix

The situation that exists when the sale of one of a company's products takes away sales from another of its products

• Consistency

• Contraction

• Cannibalization

• Expansion

The rivalry between two or more businesses to attract scarce customer dollars

• Liabilities

• Services

• Goods

• Competition

A product-mix dimension referring to how closely a company's product lines are related in terms of the products' end use, methods of distribution and production, target market(s), and/or price range

• Contraction

• Consistency

• Expansion

• Alteration

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

• Contraction

• Alteration

• Consistency

• Expansion

A description of the depth of a business's product mix offering significant variations of its products

• Shallow Product Mix

• Broad Product Mix

• Deep Product Mix

• Long Product Mix

A product-mix dimension referring to the assortment of sizes, colors, flavors, and models offered in a product line

• Depth

• Length

• Width

• Consistency

A product-mix strategy in which a business expands its product mix by adding additional product items or product lines

• Alteration

• Consistency

• Expansion

• Contraction

Tangible objects that can be manufactured or produced for resale

• Product Line

• Product Item

• Services

• Goods