What is a product assortment?
Product assortment, sometimes referred to as merchandise mix, refers to the variety of products that a retailer stocks and sells. It’s made up of two key components: 1. Product breadth, which is the variety of product lines in a store.
What is an example of product assortment?
Product assortment is the different types of products that a business makes or a retailer offers for sale. 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.
What is product assortment planning?
What is assortment planning? Assortment planning is defined at its simplest, as the process retailers use to decide which products and variations to carry and sell in an upcoming season. Retailers plan their assortment along two dimensions: Breadth/width: the number of product types and categories.
How do you choose product assortment?
7 Steps In A Good Product Assortment Strategy
- Research, Simplified. All sales on the planet cater to one demand- need.
- Choose What Motivates You.
- Observe Common Trends.
- Select Your Products, And Specialize.
- Identify The Right Suppliers.
- Know Your Competition.
- Constantly Evaluate Your Choices.
Why is product assortment important?
The reasons for that are because the assortment of products is critical to demand generation and shopper satisfaction. One of the main ways retailers can increase their financial performance is by increasing customer satisfaction levels by offering various products.
What are the three products assortment and service decision include?
Product Assortment and Services Decision Retailers must make decisions on three important product variables- product assortment, services mix, and store atmosphere.
How many SKUs should you have?
It of course depends on the specific vertical, but a ballpark number of SKUs that Supply Chain Planners manage is typically within a range of 500 – 1000.
Which of the following buys products and services from the manufacturer and then resells them to retailers?
Merchant wholesalers
Merchant wholesalers, which are also simply called wholesalers, buy products from manufacturers in bulk and then resell them, usually to retailers or other businesses. Some carry an extensive range of different products, while others specialize in a few products but carry a large assortment.
What are the types of Assortment?
Types of Assortment Strategies
- Wide assortment. A wide assortment strategy is used when retailers aim to offer a lot of different product lines or categories, but with lesser depth in each category.
- Deep assortment.
- Scrambled assortment.
- Localized assortment.
- Mass-market assortment.