MANAGEMENT

Detailed explanation-1: -The business with a deep product mix offers a great many items in the product line. This allows the business to meet the needs of a variety of consumers, use a range of prices, and compete effectively. A shallow product mix helps a business control its costs.

Detailed explanation-2: -Contraction means removing product items or lines from the product mix. Some of the reasons that a business deletes a product from its mix are: It has lost its appeal to customers. There are few products that satisfy customers indefinitely.

Detailed explanation-3: -Adding new products or services to your current offering can serve as the catalyst that drives your business to higher levels of success. In fact, new product development is often considered to be the cornerstone for building any successful business. Without it, businesses tend to stagnate, then eventually decline.

Detailed explanation-4: -Product line extension (also known as expansion) involves a business adding a new product to one of its pre-existing product lines.

Detailed explanation-5: -Four reasons to expand a product line are to build on an already established image, to appeal to new markets, to increase sales and profits, and for the company to be seen as an innovator in the field.