INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Specialize in specific product lines
|
|
|
Mass market its products
|
|
|
Produce less efficiently
|
|
|
Appeal to customers with a variety of needs
|
Detailed explanation-1: -A company that has a narrow product mix offers a limited number of product lines. This enables the company to specialize effectively, to produce efficiently, and to concentrate on marketing the product lines.
Detailed explanation-2: -The business with a narrow product mix offers a limited number of product lines. Hav-ing a narrow product mix allows a company to specialize effectively, to produce efficiently, and to concentrate its marketing efforts on its few product lines.
Detailed explanation-3: -A successful product mix strategy enables a company to focus efforts and resources on the products and product lines within its offerings that have the greatest potential for growth, market share, and revenue.
Detailed explanation-4: -Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. A product mix consists of product lines, which are associated items that consumers tend to use together or think of as similar products or services.