Product Mix

Definition of Product Mix

The total range of products that a company offers for sale.

Explanation of Product Mix

A product mix, also known as a product assortment, refers to the total range of products offered by a company. It includes all product lines and individual items within those lines. The product mix is typically described in terms of its width (the number of product lines), length (the total number of products), depth (the number of variations within each product line), and consistency (the degree of similarity among product lines). A diverse product mix allows businesses to cater to different customer needs, reduce market risk, and capitalize on cross-selling and upselling opportunities. Managing a product mix involves strategic decisions about product development, pricing, distribution, and marketing. By analyzing the performance of the product mix, businesses can identify gaps, optimize their offerings, and make informed decisions about product additions, modifications, or discontinuations. A well-balanced product mix helps businesses maximize market coverage, increase revenue, and build a strong brand presence. Regularly reviewing and adjusting the product mix ensures alignment with market trends and customer preferences.

This dictionary entry was written by

Per-Gulbrand Peter Braathen

With a foundation in doctoral-level research, Per-Gulbrand Peter Braathen is a seasoned expert in the areas of marketing, branding and communication. His proficiency extends to marketing management, branding and communication strategy. Braathen's experience is underscored by his rich background from various industries, including entertainment. A distinguished alumnus of the USC Marshall School of Business, Braathen boasts a Master of Science in Marketing, complemented by a Graduate Certificate in the Business of Entertainment from the USC School of Cinematic Arts as well as two undergraduate Bachelor degrees from the esteemed University of Southern California.