What is an advantage of a broad product mix?

A broad product mix offers the advantage of attracting diverse customers by providing a range of products that meet different needs and preferences. When a company has a diverse array of products, it increases its potential market reach. Different customer segments are likely to find products that appeal specifically to them, which can result in greater overall sales and customer loyalty.

This strategy not only allows businesses to cater to varying tastes and lifestyles but also helps to mitigate risks associated with market fluctuations. If one product category experiences a decline in demand, other categories can help stabilize revenue.

Having a broad product mix can also enhance brand recognition as customers come to associate the brand with a wide variety of offerings. This distinct positioning can set a company apart from competitors that may focus on a narrower range of products.

The other choices, such as higher costs, less marketing effort, and more specialized branding, do not directly contribute to the inherent advantage of attracting a wider customer base, which is the primary benefit of maintaining a broad product mix.