Definition: the Product Mix is the complete set of product lines or items offered by the seller for sale to the customer.
A company's product mix can be characterized by 4 dimensions:
1. Product Width
2. Product Length
3. Product Depth
Firms need to adjust the stand-alone price-setting logic when a product is part of a product mix. This is because the firm has to identify a price which maximizes the profits it makes on the entire product mix.
More on product management: B2B Products, Perceptual Mapping, Planned Obsolescence, Positioning, Product, more...
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