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Definition of Mix of business/ business mix

M

Minh Ho

Very Active Member
Hi everyone,

What is your understanding of business mix/ mix of business?
Based on Google search:
A business mix is a combination of products or services the company sells, activities it’s engaged in, or customer groups it targets. Often, a diversified business mix means higher stability and lower risks.
But throughout the exams I have tried to take, business mix only means:
- The customer groups it targets (insured person, location, etc)

For example, in SP8 April Exam question 3, the solution does not provide any thing about combination of products/ services.
Could you help me clarify?
Thanks very much,
 
Google's definition is broadly ok, but it isn't really talking about general insurance. Your own description of business mix is fine.
 
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