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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.
This flexibility allows the work content to be adapted as demand or product mix changes. Another Lean approach is to aim to have flexible manufacturing through small production lot sizes since this smooths production. Small lot sizes usually increases transportation waste, but this can be eliminated if machines are back-to-back in a workcell.
Before designing a distribution system, the supplier needs to determine what distribution channel to achieve in broad terms. The approach to distributing products or services depends on a number of factors including the type of product, especially perishability; the market served; the geographic scope of operations and the firm's overall mission and vision.
Product: This represents the physical or intangible offering that a company provides to its customers. It includes the design, features, quality, packaging, branding, and any additional services or warranties associated with the product. Price: Price refers to the amount of money customers are willing to pay for the product or service.
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Large cell is a term used in oncology. It does not refer to a particular type of cell; rather it refers to cells that are larger than would be normally expected for that type. It does not refer to a particular type of cell; rather it refers to cells that are larger than would be normally expected for that type.
Brand image is a big contributing factor when it comes to product line extension. Within downward extension it can make the brand seem less luxurious, cheap, basic, and inconsistent. In a study, [ 1 ] the results revealed when high status brands downward extend their product line, consumers feel a sense of dishonesty and untrustworthy towards ...
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.