Product Assortment: Definition & Strategy

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  • 0:00 What Is Product Assortment?
  • 1:09 Strategy-Mixing It Up
  • 2:00 Lesson Summary
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Lesson Transcript
Instructor: Shawn Grimsley
Companies often offer a variety of products to consumers. In this lesson, you'll learn about product assortment and the related strategy companies can use.

What Is Product Assortment?

Product assortment is the different types of products that a business makes or a retailer offers for sale. Product assortment consists of the following characteristics:

  • Breadth: The breadth of a company's products relates to the number of product lines a company produces or a retailer carries. An automobile manufacturer, for example, may have a line of sedans, a line of SUVs, and a line of trucks.
  • Length: This refers to the number of products in a particular product chain or line. For example, our automobile manufacturer may have four models of sedans, three models of SUVs, and two models of trucks in each respective product line.
  • Depth: A product line's depth relates to the different versions of the same product that may exist in each product line. Our auto manufacturer may have a basic, standard, and luxury version for each of its sedans and SUVs but only a basic and standard model for its trucks.
  • Consistency: Consistency is the degree to which the product lines relate to each other. In our auto manufacturer example, the sedans and SUVs may be fairly consistent to each other because they are consumer vehicles, while the trucks may not be consistent with them because they are commercial grade vehicles.

Strategy—Mixing It Up

You may not know it, but you just have read an example of a product assortment strategy. Basically, the idea is to attempt to come up with the appropriate product mix to maximize your market share and profits.

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