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One of two or more types of the same line of coin. For example, all the pennies made in one year may include a line of 100 with a double die. A variety may affect the value of the coin.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
varietythe number of products sold by a firm as part of its PRODUCT RANGE. A firm may make many different products and many variants of each product in order to appeal to most market segments and maximize its potential sales. However, the providing of variety can be expensive if this is associated with short production runs, high stockholding costs, complex production scheduling and high marketing costs. Consequently, firms may aim to eliminate unnecessary variety in products or components by means of variety-reduction programmes and STANDARDIZATION of components.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
varietythe number of products sold by a firm as part of its product range. A firm may make many different products and many variants of each product in order to appeal to most MARKET SEGMENTS and maximize its potential sales. Providing variety can be expensive, however, as short production runs increase unit production costs and the promotion of a large number of brands increases marketing costs. Thus, as part of their PRODUCT DIFFERENTIATION policies, firms often need to ‘trade off variety and STANDARDIZATION considerations.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005