MM51-2.01 (Part 1) Marketing Study Guide

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Product/Service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to:

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market opportunities.

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A new car that provides you the benefit of transporting you to work is an example of a

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good.

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Massages, cooking lessons, and Internet connections are examples of

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services.

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Services that include delivery, instruction, or maintenance are __________ services.

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product-related

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A service that is not attached to any tangible good is a __________ service.

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pure

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Which of the following statements is true of product/service management: It involves discovering new-product opportunities.

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It involves discovering new-product opportunities.

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Product/Service management should be approached from the angle of the: customer’s point of view.

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customer’s point of view.

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What can help product/service managers predict whether a new product will be successful before a business makes a major investment? Options: Company goals, Product life cycles, Market research, Product monitoring

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Market research

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Costs and available resources are especially important factors for product/service managers to examine during which phase of product/service management? Options: Elimination of weak products, Idea generation, New-product development, Monitoring of existing products

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New-product development

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When a competing product that offers additional benefits enters the market, a business’s product may become

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obsolete.