MP IA3 Review

Front

What does product/service management (PSM) involve? Options: Eliminating products that have become liabilities, Obtaining, developing, maintaining, and improving a product mix, Reassessing customers' needs, Advertising a product

Back

Obtaining, developing, maintaining, and improving a product mix

Front

Which of the following is a phase in product/service management? Marketing research, Developing new products, Expanding brand identity, Increasing advertising spend

Back

Developing new products

Front

Which factor affecting product/service management suggests that a business should adjust its product mix to keep up with laws and regulations in order to avoid lawsuits?

Back

Government regulations

Front

What is the difference between primary and secondary information?

Back

Primary information is gathered for specific situations, while secondary information has already been collected for other purposes.

Front

Which step is involved in the development of a new product? Options: Testing the product concept with potential customers, Eliminating weak products from the market, Establishing brand loyalty, Managing social media presence

Back

Testing the product concept with potential customers

Front

What is the primary goal of test marketing a product?

Back

To understand how customers and retailers will react to the product

Front

A business determines that its target market values high-quality products and is willing to pay a premium for them. Which pricing objective is the business most likely focusing on?

Back

Image or prestige

Front

What is the purpose of monitoring existing products?

Back

To track sales, profits, market share, and alignment with company goals

Front

A company's product manager for a luxury car brand wants to ensure that the car creates a positive impression in the minds of customers. What aspect of product/service management are they focusing on?

Back

Product positioning

Front

A company's goal is to maintain its market share, but they find that their product mix is outdated compared to the competition. How might they address this issue?

Back

Reassess and adjust the product mix to meet customer needs and stay competitive.