Managing Product Mix: Strategies for Growth and Differentiation

Managing Product Mix: Strategies for Growth and Differentiation

Assessment

Interactive Video

Business

Professional Development

Hard

Created by

Quizizz Content

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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.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Length

Consistency

Width

Depth

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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