Product/Service Management and Product Life Cycle

Product/Service Management and Product Life Cycle

Introduction to Marketing

Multiple Select

Product/Service management is a marketing function that involves:

• Obtaining or developing new products

• Maintaining and monitoring existing products

• Improving a product or service mix in response to market opportunities

• Allows you to hire relatives even if they are not qualified

• Eliminating weak products

Open Ended

What is the Product Life Cycle?

Multiple Choice

In marketing, what is a product?

• A tangible object

• the answer to a multiplication problem

• the result of marketing efforts

• an intangible activity

Multiple Choice

In terms of Marketing, a service is

• a tangible item

• something that only experienced people can provide

• an intangible activity performed by people

• a process of taking a product to market

Multiple Choice

What is the first stage of the Product Life Cycle?

• Growth

• Introduction

• Maturity

• Decline

Multiple Choice

What is the second stage of the Product Life Cycle?

• Introduction

• Decline

• Growth

• Maturity

Multiple Choice

What is the third stage of the product life cycle?

• Decline

• Introduction

• Maturity

• Growth

Multiple Choice

What is the last stage of the Product Life Cycle?

• Decline

• Introduction

• Growth

• Maturity

Multiple Choice

At which stage during the product life cycle would a product manager be likely to look into rebranding a product/service?

• During the research stage

• During the growth stage

• At the beginning of the maturity stage

• During the decline stage

• Toward the leveling off of the maturity stage