What Are the Key Strategies for Product Mix Optimization?
Several strategies can be employed to optimize the product mix:
Product Line Extensions: Introduce new variants or versions of existing products to cater to different market segments. Phasing Out: Discontinue underperforming products that do not contribute significantly to the bottom line. Bundling: Combine complementary products into bundles to encourage higher sales volumes. Pricing Strategies: Adjust pricing to reflect the value proposition and demand for different products.