Explain product, product line, and product mix. What will be an ideal

QUESTION

Explain product, product line, and product mix.

What will be an ideal response?

ANSWER

Answer: A product is a good (which is tangible) or a service (which is intangible) that can satisfy customer needs. A product line is a collection of products designed for a similar market or that are physically similar. A product mix is the combination of all product lines that a firm offers.
Explanation: A product is a good (which is tangible) or a service (which is intangible) that can satisfy customer needs. A product line is a collection of products designed for a similar market or that are physically similar. A product mix is the combination of all product lines that a firm offers.