What is PRODUCT/SERVICE MANAGEMENT?

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What is PRODUCT/SERVICE MANAGEMENT?

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A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

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What are the stages of the Product Life Cycle as presented in the image?

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Introduction, Growth, Maturity, Decline

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What is established during the Introduction Stage of a product?

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Product branding and quality level

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What may be obtained during the Introduction Stage to protect the product?

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Patents and trademarks

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What is the aim of promotion in the Introduction Stage?

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To build product awareness and educate potential consumers about the product

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What tends to happen to product features during the maturity stage of a product?

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They may be enhanced to differentiate the product from competitors.

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What is likely to happen to pricing during the maturity stage due to new competition?

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Pricing may be lower because of the new competition.

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What is emphasized in promotion during the maturity stage of a product?

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Product differentiation

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What happens to the growth in sales when a product reaches maturity?

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It levels off.

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What does discontinuing the product involve according to the decline stage options?

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Liquidating remaining inventory or selling it to another business such as Ross or TJ Maxx