What does "product mix" refer to in retail?

The concept of "product mix" in retail is fundamentally about the assortment of different types of products that a retailer offers to its customers. This includes the variety, quality, and range of products that fall under particular categories. By managing the product mix, retailers can cater to diverse consumer needs and preferences, enhance customer attraction, and optimize sales. A well-defined product mix not only impacts sales performance but also a retailer’s image and market positioning.

The variety within the product mix can include various brands, sizes, colors, and features of products, which allows retailers to target different segments of the market effectively. It enables customers to have multiple choices, enhancing their shopping experience and satisfaction.

Other aspects like pricing strategies, retail space layout, and staffing, while important for overall retail operations, do not define what a product mix is. They play supportive roles in how a product mix is presented or sold but do not inherently describe the product assortment itself.