3. Define the term product item, product line, and product mix.
- Product Mix (Product Portfolio or Product Assortment)
The Product mix is the total variety of products a firm sells. Some firms will sell just one product, whilst others will sell a large number of different products. Firms should select their product mix carefully as they will need to generate a profit from each of the products in the product mix.
-Product Line
Firms may decide to split their product mix into groups known as product lines. A product line is a number of products grouped together based on similar characteristics. The characteristic used to split products, will depend on the firm and its product strategy.
-Product item is a specific version of a product that can be designated as an distinct offering among an organization's products.