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Product Mix - Decision Making, Cost Management Video Lecture | Cost Management - B Com
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FAQs on Product Mix - Decision Making, Cost Management Video Lecture - Cost Management - B Com
| 1. What is product mix decision making? |  |
Ans. Product mix decision making refers to the process of determining the range and combination of products that a company will offer to its customers. It involves analyzing market demand, competition, profitability, and other factors to make informed decisions about the products to be included in the company's portfolio.
| 2. How does product mix decision making impact cost management? | |
Ans. Product mix decision making plays a crucial role in cost management as it directly affects a company's expenses. By carefully selecting the right mix of products, companies can optimize their resources and production processes, leading to cost savings. Additionally, focusing on high-profit products or eliminating low-profit ones can help improve overall profitability and reduce wastage of resources.
| 3. What factors should be considered when making product mix decisions? | |
Ans. Several factors should be considered when making product mix decisions. These include market demand and trends, customer preferences, competition, pricing strategies, production capabilities, resource availability, profitability analysis, and the company's overall strategic goals. By considering these factors, companies can make informed decisions that align with their objectives and maximize their chances of success.
| 4. How can companies effectively manage their product mix? | |
Ans. Effective product mix management involves continuous monitoring and analysis of market dynamics, customer feedback, and performance metrics. Companies need to regularly evaluate their product portfolio, identify any gaps or opportunities, and make necessary adjustments. This can include introducing new products, discontinuing underperforming ones, modifying existing products, or diversifying into new markets. By staying agile and responsive, companies can ensure that their product mix remains competitive and relevant.
| 5. What are the potential challenges in product mix decision making? | |
Ans. Product mix decision making can come with various challenges. One challenge is accurately predicting market demand and customer preferences, as they can be influenced by external factors such as economic conditions or changing trends. Another challenge is managing the costs and resources associated with offering a diverse product mix. It requires careful planning and coordination to ensure efficient production, inventory management, and distribution. Additionally, competition and market dynamics can pose challenges in terms of pricing, differentiation, and staying ahead of competitors.
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Nov 22, 2024 Last updated |
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