What is one reason why companies choose to alter their products to reach a different target market?

To appeal to a more exclusive market

What is one disadvantage of using trading up to enhance company image?

The company can eliminate established products

The company can reduce the quality of established products

The company can reduce the price of established products

What is alteration as a product-mix strategy?

Creating a new product from scratch

Selling products in a different market

Reducing the price of existing products

What is one advantage of using alteration as a product-mix strategy?

It is less expensive than developing a new product

It guarantees an increase in sales

What is one reason why companies alter their products to appeal to a different target market?

To appeal to a more exclusive market

What is one reason why companies alter their products for social good?

To make the products better and safer for consumers

What is one advantage of using trading up to increase sales of the company’s other products?

The higher priced products or lines often ‘rubs off’ on the lower priced products or lines

The company can eliminate established products

The company can reduce the price of established products

The company can reduce the quality of established products

What is one disadvantage of using trading up?

It is less expensive than developing a new product

What is one reason why companies choose to alter their products to keep up with changing consumer preferences?

To appeal to customers’ changing attitudes toward products

What is one disadvantage of using alteration as a product-mix strategy?

It is impossible to predict the success of the altered product

It is less expensive than developing a new product

What are product-mix strategies?

The ways in which businesses handle their product mixes

The ways in which businesses handle their employees

The ways in which businesses handle their finances

The ways in which businesses handle their marketing

Why might a business choose an expansion product-mix strategy?

To satisfy customers’ desire for variety

To remove product items or lines from the product mix

To shift the focus of the business from industrial products to consumer products

To reduce the impact of loss from an item or line that has a drop in sales or fails completely

What is one potential disadvantage of expanding a product mix?

Increased costs of inventory, marketing, transportation, storage, and personnel

Reduced impact of loss from an item or line that has a drop in sales or fails completely

What is one reason why a business may choose to expand its product mix to appeal to a new market?

To spread risk over a wider area

To satisfy customers’ desire for variety

To offer customers complementary products

What is one reason why a business may choose to expand its product mix to offer customers complementary products?

To offer customers complementary products

To satisfy customers’ desire for variety

To spread risk over a wider area

What is one reason why a business may choose to contract its product mix because a product has lost its appeal to customers?

It has lost its appeal to customers

To offer customers complementary products

To satisfy customers’ desire for variety

What is one reason why a business may choose to expand its product mix to make more efficient use of company facilities?

To make more efficient use of company facilities

To offer customers complementary products

To satisfy customers’ desire for variety

To spread risk over a wider area

What is one reason why a business may choose to expand its product mix to increase sales and profits?

To satisfy customers’ desire for variety

To spread risk over a wider area

To offer customers complementary products

What is one reason why a business may choose to contract its product mix because it is no longer appropriate to the company’s goals?

It is no longer appropriate to the company’s goals

To satisfy customers’ desire for variety

To offer customers complementary products

What is one reason why a business may choose to contract its product mix because it is no longer profitable?

To offer customers complementary products

To satisfy customers’ desire for variety

What is one reason why a business may choose to expand its product mix to enhance the company’s reputation?

To enhance the company’s reputation

To spread risk over a wider area

To offer customers complementary products

To satisfy customers’ desire for variety

What is the difference between a long and short product mix?

Long product mix has more products than a short product mix

Short product mix is more expensive than a long product mix

Short product mix has more products than a long product mix

Long product mix is more expensive than a short product mix

What is an example of a shallow product mix?

A company that offers few variations within its product line

A company that offers products that are not related

A company that offers many variations of its products

A company that offers only one product

What is consistency in a product mix?

How closely a company’s product lines are related in terms of end use, methods of distribution and production, target market(s), and price range

The total number of products in the product mix

The assortment of sizes, colors, flavors, and models offered in a company’s product lines

The variation of items offered in a company’s product lines

What is an example of a consistent product mix?

A company that offers products that are closely related in terms of end use, methods of distribution and production, target market(s), and price range

A company that offers products that are not related

A company that offers products with different end uses, methods of distribution and production, target market(s), and price range

A company that offers only one product

What is the importance of creating a consistent company image in product mix decisions?

The product mix can help create and sustain the company’s desired image in the eyes of its customers

It helps a business increase production

It helps a business control costs

It helps a business avoid competition

How can product mix decisions help a business deal with competition?

A business can add to its product mix to match the offerings of competitors

By offering products with different end uses, methods of distribution and production, target market(s), and price range

By limiting its product offerings

By offering products that are not related

What is an example of a business that presents a discount image through its product mix?

Walmart’s wide and shallow mix of drugstore items

A company that offers products that are not related

Tiffany’s narrow and deep product mix of fine jewelry

A company that offers only one product

What is the benefit of a wide and shallow product mix?

It helps a business avoid competition

It presents a prestigious image

It helps a business control costs

What is the disadvantage of a product mix that is too wide?

A company’s resources may be spread too thin to serve all its customers effectively

A company may not be providing enough to meet customers’ needs

It can increase a company’s profits

It can reduce a company’s profits

What is the advantage of a short product mix?

It helps a business keep costs down

It avoids competing with its own products

It offers significant variation of its products

It gives customers many products to choose from

What are the three dimensions of a product mix?

Length, width, depth, and consistency

What is an example of a deep product mix?

A company that offers many variations of its products

A company that offers few variations within its product line

A company that offers only one product

A company that offers products that are not related

Why are product mix decisions important for a business?

They can affect a business’s profitability and competition

They help a business avoid competition

They help a business increase production

They help a business control costs

What is a consistent product mix?

A product mix in which the product lines are closely related in terms of end use, methods of distribution and production, target market(s), and price range

A product mix that is too narrow

A product mix that is made up of items that no one wants to buy

What is the importance of appealing to the target market in product mix decisions?

Items in the product mix should be chosen on the basis of their ability to satisfy the needs and wants of those customers

It helps a business avoid competition

It helps a business control costs

It helps a business increase production

How can product mix decisions affect a business’s profitability?

If the product mix is made up of items whose sales provide profits to the company, then the company can buy supplies, pay workers, attract investors, pay expenses, and increase production

By making the product mix too wide

By making the product mix consistent

By making the product mix too narrow

What is an example of a business that might deepen its assortment in a particular product line to persuade customers that it offers the best selection?

A sporting goods store that offers everything a tennis player needs—tennis balls, rackets, shoes, visors, etc.

A company that offers products that are not related

A company that offers only one product

A company that offers products with different end uses, methods of distribution and production, target market(s), and price range

What is an example of a business that presents a prestigious image through its product mix?

Tiffany’s narrow and deep product mix of fine jewelry

A company that offers products that are not related

A company that offers only one product

Walmart’s wide and shallow mix of drugstore items

What is the benefit of a narrow and deep product mix?

It presents a prestigious image

It helps a business control costs

It helps a business avoid competition

What is the disadvantage of a product mix that is too narrow?

A company may not be providing enough to meet customers’ needs

A company’s resources may be spread too thin to serve all its customers effectively

It can reduce a company’s profits

It can increase a company’s profits

Mix and Match Test Review

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Mix and Match Test Review

90 questions

What is one reason why companies choose to alter their product mixes?

What is one disadvantage of altering an entire product line at one time?

What is one reason why companies alter their products to reach a larger market?

What is trading up as a product-mix strategy?

What is one reason why sales of established products may decline when a company uses trading up?

What is one reason why companies use trading up to attract a new target market?

What is one reason why companies choose to alter their products to compete effectively?

What is one reason why companies choose to alter their products to reach a different target market?

What is one reason why companies choose to alter their products for social good?

What is one disadvantage of using trading up to enhance company image?

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