DECA Sports and Entertainment Marketing Practice Exam

Which term refers to the total assortment of products a company offers at a given time?

1. Product Portfolio

2. Product Productivity

3. Product Testing

4. Profit Motive

The correct answer is: Product Portfolio

The term that refers to the total assortment of products a company offers at a given time is the "Product Portfolio." This concept encompasses all the various products and services provided by a company, highlighting the range and diversity of their offerings. A well-managed product portfolio ensures that the company can meet different customer needs and preferences, balancing between new products, existing products, and possibly discontinuing outdated or underperforming items. Understanding the product portfolio is crucial for making strategic decisions regarding product development, marketing, and resource allocation. It allows companies to analyze their strengths and weaknesses, cater to target markets more effectively, and maintain a competitive edge in the industry. Other terms listed do not relate directly to the collection of products a company has; for instance, productivity and testing relate more to efficiency and quality assurance rather than the variety of products offered.