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What is PRODUCT/SERVICE MANAGEMENT?

What is PRODUCT/SERVICE MANAGEMENT?

Assessment

Flashcard

Other

Professional Development

Practice Problem

Easy

Created by

Wayground Content

Used 1+ times

FREE Resource

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16 questions

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1.

FLASHCARD QUESTION

Front

What is PRODUCT/SERVICE MANAGEMENT?

Back

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

2.

FLASHCARD QUESTION

Front

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

Back

Introduction, Growth, Maturity, Decline

3.

FLASHCARD QUESTION

Front

What is established during the Introduction Stage of a product?

Back

Product branding and quality level

4.

FLASHCARD QUESTION

Front

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

Back

Patents and trademarks

5.

FLASHCARD QUESTION

Front

What is the aim of promotion in the Introduction Stage?

Back

To build product awareness and educate potential consumers about the product

6.

FLASHCARD QUESTION

Front

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

Back

They may be enhanced to differentiate the product from competitors.

7.

FLASHCARD QUESTION

Front

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

Back

Pricing may be lower because of the new competition.

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