Final answer:
A systematic review is the suggested approach for periodically evaluating each product's impact on a firm's product mix. It is a rigorous process that includes data collection and product comparison against set criteria and constraints to ensure effectiveness and relevancy in the product portfolio.
Step-by-step explanation:
The approach to deleting products, in which each product is periodically evaluated to determine its impact on the effectiveness of a firm's product mix, is referred to as a systematic review. A systematic review involves a rigorous, systematic process that includes collecting data about an organization's products, services, or resources. Utilizing various methods such as surveys and experiments, each product is scrutinized against a set of criteria and constraints.
During the evaluation process, it is essential to gather sufficient evidence, and the evaluation should be structured in a manner that is easily understandable and useful for decision-making by program managers. This helps to ensure the effectiveness and relevance of the products within the company's portfolio. Selecting the best concept for a product, which entails comparing different design concepts against each other to determine which is best suited for implementation, is also an integral part of this evaluation approach.