Rapping Up Products - Nature of Product/Service Management

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

• competitors only

• government oversight.

• market opportunities.

• CEO wishes.

A tangible, or physical, item and the customer benefits that it offers is known as a(n)

• service.

• good.

• product mix.

• brand name.

Products that are performed rather than produced are known as

• services.

• brand-name products.

• product lines.

• private labels.

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

• pure

• new-product

• quality

• product-related

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

• pure

• new-product

• quality

• product-related

Which of the following is not a product/service-management activity:

• Reassessing products that are not meeting expectations

• Conducting interviews with potential employees

• Coordinating the product mix

• Sustaining successful products as long as possible

Product/service management should be approached from the angle of the

• product’s technological benefits.

• customer’s point of view.

• product itself.

• competition’s point of view.

What can help product/service managers predict whether a new product will be successful before a business makes a major investment?

• Company goals

• Product life cycles

• Market research

• Product monitoring

Costs and available resources are especially important factors for product/service managers to examine during which phase of product/service management?

• Elimination of weak products

• Idea generation

• New-product development

• Monitoring of existing products

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

• more popular.

• obsolete.

• trendsetting.

• technologically beneficial.