Question

Explain in detail the characters in the product variety concept. Give examples in support of your answers.

Answer 1

The following 6 characters of product variety concept are:

(1) Service Variety: The intent of a service provider is to offer diverse services under a single umbrella to the consumer. For example: Consulting, media, travel, business services etc.

(2) Wholesaler: They are the intermediaries between manufacturer and retailer that offer products from different suppliers at a nominal rate.

(3) Store within a store: It is the Partnership model in which a firm showcases another firm’s products.For example: a Departmental store.

(4) Brand extension: It offers a several variety of products under a common brand name in order to create awareness among customers.

(5) Complementary products: In this, a company manufacturers synonymous products of high brand valued product awareness under brand image.

(6) One stop shop: It is place where large number with a diverse and unrelated products offered at a single platform. For example: Walmart or supermarkets.

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