What does product depth refer to in marketing?

Product depth in marketing refers specifically to the number of variations or versions offered for each product within a particular product line. This concept highlights the diversity and richness of options available to consumers for a specific product category. For instance, if a company markets a skincare line, the product depth would include the various formulations of a moisturizer, such as ones for different skin types (oily, dry, combination) or different scents.

Understanding product depth is crucial for businesses as it allows them to cater to different consumer preferences and needs, potentially increasing customer satisfaction and loyalty. By having multiple versions of a product, a company can better target various market segments and respond to specific demands, which can lead to higher sales and improved market competitiveness.

The other options, while related to overall product strategy, do not accurately define product depth. Range of products pertains to the breadth of product lines, price variation concerns pricing strategies across products rather than their variations, and market share relates to the product's performance in the market rather than its variety.