DECA Sports and Entertainment Marketing Practice Exam

Which term is used to describe a comprehensive outline of a company's product offerings?

1. Productivity Matrix

2. Product Portfolio

3. Professional Development

4. Profit Analysis

The correct answer is: Product Portfolio

The term that best describes a comprehensive outline of a company's product offerings is the product portfolio. A product portfolio illustrates the range and types of products a company offers, including their specifications, features, potential target markets, and how they fit within the company's overall strategy. This tool is essential for businesses to analyze and manage their products effectively, ensuring that they meet market demands and align with their business goals. Understanding the product portfolio is critical for making informed decisions about product development, marketing strategies, and resource allocation. It helps organizations to identify gaps in their offerings, recognize successful products, and strategically phase out underperforming items. Other terms listed do not capture this concept. For instance, a productivity matrix typically relates to measuring efficiency and output in processes rather than outlining product offerings. Professional development focuses on employee growth and skills enhancement, which is unrelated to products. Lastly, profit analysis involves examining financial outcomes from sales and expenses but does not serve to delineate the products a company provides.