Product Mix Strategy

Meaning & Definition

A company’s product mix is the total number of product lines and individual items or services it offers. Product portfolio or product assortment are other terms for the same thing. Product combinations differ from one manufacturer to the next. Some companies have many product lines, each with a large number of goods. Others, on the other hand, have much fewer options. A good product mix strategy allows a firm to concentrate its efforts and resources on the items and product lines within its portfolio that have the most potential for growth, market share, and revenue.

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