Match List - I with List - II : List – I List – II a Product line i Total number of items under each product/brand in the line b Depth of product ii Number of products/brands the line c Width of product mix iii Group of closely related products d Length of product line iv Number of product lines Choose the correct option from those given below:
Understanding Product Mix Dimensions
In marketing, a company's product mix (or product assortment) refers to the total collection of product lines and individual items that a seller offers for sale. The product mix has four key dimensions: width, length, depth, and consistency. This question asks us to match specific terms related to these dimensions with their definitions.
Analyzing the Terms and Definitions
Let's carefully look at each term in List I and find the best matching definition in List II based on common marketing terminology.
List I:
- Product line
- Depth of product
- Width of product mix
- Length of product line
List II:
- Total number of items under each product/brand in the line
- Number of products/brands the line
- Group of closely related products
- Number of product lines
Now, let's match them one by one:
- Product line: A product line is a group of closely related products offered by a company. These products usually function in a similar manner, are sold to the same customer groups, are marketed through the same outlets, or fall within given price ranges. Definition (iii) states "Group of closely related products". This is a direct match. So, (a) matches with (iii).
- Width of product mix: The width of the product mix refers to the number of different product lines the company carries. Definition (iv) states "Number of product lines". This directly defines the width of the product mix. So, (c) matches with (iv).
- Length of product line: The length of a product line is the total number of items or distinct products within a particular product line. Definition (ii) states "Number of products/brands the line". While slightly ambiguous phrasing ("the line"), in the context of a product line, this refers to the count of distinct items within that single line. So, (d) matches with (ii).
- Depth of product: The depth of a product mix refers to the number of versions offered for each product in the line. This includes variations in size, color, features, etc. Definition (i) states "Total number of items under each product/brand in the line". This describes the number of variations within a specific product or brand found within a line, which corresponds to depth. So, (b) matches with (i).
Summarizing the Matching
Based on our analysis, the correct matching is:
| List I | List II |
|---|---|
| (a) Product line | (iii) Group of closely related products |
| (b) Depth of product | (i) Total number of items under each product/brand in the line |
| (c) Width of product mix | (iv) Number of product lines |
| (d) Length of product line | (ii) Number of products/brands the line |
This matching corresponds to option (a) - (iii); (b) - (i); (c) - (iv); (d) - (ii).
Revision Table: Key Product Mix Concepts
| Concept | Definition | Example |
|---|---|---|
| Product Mix | Total set of all product lines and items a company offers. | All products sold by a company like Unilever (soaps, foods, detergents). |
| Product Line | A group of closely related products. | Unilever's line of laundry detergents (Surf Excel, Rin, Wheel). |
| Width of Product Mix | Number of different product lines the company carries. | Unilever might have product lines for foods, detergents, personal care, etc. Width = Number of these lines. |
| Length of Product Mix | Total number of items across all product lines. | Sum of all individual products in all of Unilever's lines. |
| Length of Product Line | Number of distinct items within a single product line. | The number of specific detergent products in the laundry detergent line (Surf Excel powder, Surf Excel liquid, Rin bar, etc.). |
| Depth of Product Mix (or Depth of Product) | Number of versions offered for each product in the line. | Surf Excel powder comes in different sizes (1kg, 2kg, 5kg). Depth for Surf Excel powder = Number of sizes available. |
| Product Consistency | How closely related the various product lines are in production, distribution, etc. | Food product lines might be more consistent with each other than food and heavy machinery lines. |
Additional Information on Product Mix Strategy
Understanding these dimensions (width, length, depth, and consistency) is crucial for a company's product strategy. Management can choose to:
- Increase width: Add new product lines.
- Increase length: Add more items within existing product lines (e.g., line stretching or filling).
- Increase depth: Add more versions of each product.
- Adjust consistency: Decide how closely related new lines should be to existing ones.
These decisions impact market share, profitability, and overall brand image. Expanding any dimension can lead to growth but also increased costs and complexity.
Important Questions from Production Function - Teaching
In the short‐run production function, which one of the following is CORRECT?
If an estimated Cobb-Douglas production function is Q = 10 K 0.6 L0.8 , what type of returns to scale does this production function indicate?
Which of the following are NOT properties of Cobb‐Douglas production function?
A. Cobb‐Douglas production function is a homogeneous production function
B. Curves representing average and marginal productivity of inputs are not downward sloping
C. Marginal productivity of labour and capital in Cobb‐Douglas production function are functions of the capital‐labour ratio
D. Iso‐quants of Cobb‐Douglas production functions are positively sloped
Choose the correct answer from the options given below:
Given the production function Q = 10 L 0.8 K0.2 , the marginal product of labour (MP L) and capital (MP k) respectively are given by
A. MP L= 8(K/L) 0.2
B. MP L= 8(L/K) 0.2
C. MP K= 2(L/K) 0.8
D. MP K= 2(K/L) 0.2
Choose the correct answer
For the production function, Q = AL α Kβ
A. The coefficient A shows managerial efficiency
B. If α + β > 1, then the production function exhibits increasing returns to scale
C. Marginal rate of technical substitution of L for K is given by βk/αL
D. The marginal product of capital is given by βQ/K
