which of the folllowing is the main benefit of adding a new product line
it eliminates the need to improve product quality
it adds valuable depth to a companys products mix
it opens up more growth than most companys can find by staying with one product line
it ensures that all the products in the mix can share the same family brand
The main benefit of adding a new product line is that it opens up more growth than most companies can find by staying with one product line.
The main benefit of adding a new product line is that it opens up more growth than most companies can find by staying with one product line.
The main benefit of adding a new product line is that it adds valuable depth to a company's product mix. This means that by adding a new product line, a company can expand its range of offerings and cater to a wider variety of customer needs and preferences.
To arrive at this answer, we need to understand the definition and implications of each of the provided options:
1. "It eliminates the need to improve product quality": This option suggests that adding a new product line would somehow eliminate the need to improve the quality of existing products. However, product quality improvement is an ongoing process and is crucial for the success of any business. Therefore, this option is not the main benefit of adding a new product line.
2. "It adds valuable depth to a company's product mix": This option states that adding a new product line contributes to the overall depth of a company's product mix. Having a diverse product mix allows a company to serve a larger customer base, target different market segments, and respond to changing consumer preferences. This option aligns with the main benefit of adding a new product line, as it highlights the expansion and enhancement of a company's product offerings.
3. "It opens up more growth than most companies can find by staying with one product line": This option suggests that adding a new product line creates more growth opportunities compared to companies that stick to only one product line. Introducing new product lines enables a company to tap into new markets, segments, and customer needs, potentially leading to increased revenue and market share. This option supports the main benefit of adding a new product line.
4. "It ensures that all the products in the mix can share the same family brand": This option implies that adding a new product line would ensure that all products in the mix can be associated with the same brand. While brand consistency is important and can create a sense of unity among products, it is not the main benefit of expanding a product line. The primary focus of adding a new product line is to broaden the range of offerings, whereas brand consistency is a secondary consideration.
Based on the explanations provided, the correct answer is: "It adds valuable depth to a company's product mix."