WF Marketing Lap 3 Mix & Match
Glossary
1. Alteration: A product-mix strategy in which a business makes changes to its
products or product lines
2. Broad product mix: A description of the width of a business’s product mix offering
many product lines
3. Cannibalization: The situation that exists when the sale of one of a company’s
products takes away sales from another of its products
4. Competition: The rivalry between two or more businesses to attract scarce customer
dollars
5. Consistency: 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
6. Contraction: A product-mix strategy in which a business removes, or deletes,
product items or product lines from its product mix
7. Deep product mix: A description of the depth of a business’s product mix offering a
great many items in the product line
8. Depth: A product-mix dimension referring to the number of products and the
assortment of sizes, colors, and models offered in a product line
9. Expansion: A product-mix strategy in which a business expands its product mix by
adding additional product items or product lines
10. Goods: Tangible objects that can be manufactured or produced for resale
11. Liabilities: Responsibilities of the business, especially legal responsibilities
12. Narrow product mix: A description of the width of a business’s product mix offering
a limited number of product lines
13. Product item: Each individual good, service, or idea that a business offers for sale
14. Product line: A group of related product items
15. Product mix: The particular assortment of goods and services that a business
offers in order to meet the needs of its market(s) and its company’s goals
16. Product-mix strategies: The ways in which businesses handle, or manage, their
product mixes
17. Service(s): Intangible activities that are performed by other people for money;
productive acts that satisfy economic wants
18. Shallow product mix: A description of the depth of a business’s product mix
offering few items in the product line
19. Target market: The particular group of customers a business seeks to attract
20. Trading down: A product-mix strategy in which a business adds a lower priced
product or product line to its product mix
21. Trading up: A product-mix strategy in which a business adds a higher priced
product or product line to its product mix
22. Width: A product-mix dimension referring to the number of product lines carried by
a company