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As mentioned above, the width of product mix is referred to as the total number of product lines that the company offers. A diversified product mix can target the maximum number of customers, however, such numbers of product lines requires much attention and focus as each product line targets different groups of consumers and involves individual strategy and management.
The company can extend its product line down-market stretch, up-market stretch, or both ways. Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. [1] There are two types of product line extensions, horizontal and vertical.
Stock mix or Product mix is the combination of products a company sells or manufactures. The product mix is determined by the demand for certain products and the profitability of those products. [1] There are companies like Pepsi and Coca-Cola that have a very large and diverse product mix.
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
Dimensional lumber sizes such as "2 by 4" refers to a board whose finished dimensions are closer to 1 + 1 ⁄ 2 inches by 3 + 1 ⁄ 2 inches (1 + 3 ⁄ 4 inches by 3 + 3 ⁄ 4 inches is typical in the United Kingdom).
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Digital marketing mix is fundamentally the same as Marketing Mix, which is an adaptation of Product, Price, Place and Promotion into digital marketing aspect. [48] Digital marketing can be commonly explained as 'Achieving marketing objectives through applying digital technologies'.
Cross-sectional data refers to data collected on a single entity at different periods of time. Cross-sectional data used in demand forecasting usually depicts a data point gathered from an individual, firm, industry, or area. For example, sales for Firm A during quarter 1.