Product Line

### What is a product line? - [ ] A single product offered by a company. - [x] A group of related products offered by a company. - [ ] A marketing campaign for a new product. - [ ] The assembly line where products are manufactured. > **Explanation:** A product line refers to a group of related products that a company offers. These products are usually similar in function or target the same customer segment. ### Which of the following is an example of a deep product line? - [x] Nike's range of running shoes which includes numerous models and variations. - [ ] A company offering only one model of a smartphone. - [ ] A supermarket with various unrelated products. - [ ] A single-brand clothing store. > **Explanation:** Nike's range of running shoes, which includes numerous models and variations, represents a deep product line because of the variety within the same category. ### What is the primary benefit of having a product line for businesses? - [ ] It decreases production costs significantly. - [x] It allows catering to different market segments and consumer preferences. - [ ] It eliminates the need for market research. - [ ] It simplifies the inventory management process. > **Explanation:** Having a product line allows a business to cater to different market segments and meet various consumer preferences, thereby increasing potential market reach and customization. ### What does the depth of a product line refer to? - [x] The number of variants or items within a specific product line. - [ ] The total number of product lines a company offers. - [ ] The marketing reach of the product line. - [ ] The production volume of products within the line. > **Explanation:** The depth of a product line refers to the number of different variants or models within a particular product line. ### How is a product line different from a product mix? - [ ] A product line includes all products a company offers. - [x] A product line is a subset of a product mix, which includes all product lines a company offers. - [ ] A product mix includes only one line of products. - [ ] There is no difference, they are synonyms. > **Explanation:** A product line consists of related products, while a product mix is the total assortment of product lines that a company offers. ### Which company is known for having a diverse product line in electronics? - [x] Samsung - [ ] McDonald's - [ ] Boeing - [ ] Union Pacific > **Explanation:** Samsung is known for its diverse product line in electronics, which includes smartphones, TVs, home appliances, and more. ### The variety in a product line allows a business to achieve what? - [ ] Solely lower costs through bulk production. - [x] Market segmentation and addressing different customer needs and preferences. - [ ] A single large marketing campaign for all products. - [ ] Limited reach within a specific market segment. > **Explanation:** Variety within a product line allows a business to segment the market, offering products that address different customer needs and preferences. ### What does the term 'brand portfolio' refer to? - [ ] A selection of products that failed in the market. - [x] All the brands and products that a company manages. - [ ] Only the new products under development. - [ ] The financial aspect of brand valuation. > **Explanation:** Brand portfolio refers to all the brands and products that a company manages across various product lines and categories. ### Having multiple product lines under a single brand name enhances what? - [ ] Inventory complexity. - [x] Brand loyalty and cross-selling opportunities. - [ ] Production difficulties. - [ ] Legal challenges in marketing. > **Explanation:** Multiple product lines under a single brand can enhance brand loyalty and provide cross-selling opportunities, making it easier for customers to trust and purchase additional products. ### How can a company ensure its product line remains competitive? - [ ] Avoid updating products too often to save costs. - [x] Continuously innovate and respond to consumer feedback. - [ ] Focus only on marketing the best-selling product. - [ ] Disregard competitor actions and market trends. > **Explanation:** Continuously innovating and responding to consumer feedback ensures that a company's product line stays competitive in the market.