Managing Product Mix: Strategies for Growth and Differentiation

Bill Carmody discusses product mix strategy, focusing on its dimensions: width, length, depth, and consistency. He explains how companies can visualize and organize their product mix, and explores core strategies like expansion, contraction, and product changes. The video also covers product differentiation, emphasizing marketing tactics to position products as superior choices without altering them.

What is the primary focus of a successful product mix strategy?

• To reduce the number of product variations

• To focus on products with the highest potential for growth

• To ensure all products are identical

• To increase the number of product lines

Which dimension of a product mix refers to the total number of product lines a company offers?

• Length

• Consistency

• Width

• Depth

What does a company aim to achieve with an expansion strategy?

• Focus on a single product

• Eliminate all product variations

• Increase the number of product lines or variations

• Reduce the number of product lines

How can a company reinvigorate a product without creating a new one?

• By reducing the marketing budget

• By increasing the price

• By reformulating the product to better meet customer needs

• By discontinuing the product

What is a key aspect of product differentiation?

• Reducing the quality of the product

• Positioning the product as a superior choice without modification

• Eliminating all marketing efforts

• Modifying the product to make it cheaper