Product and Service Management for Entrepreneurs

This offering by the entrepreneur could be either a good or a service with monetary value that satisfies the customers’ needs and/or wants.

• gizmo

• doodad

• product

• widget

This is an intangible activity that is exchanged directly from the entrepreneur to the consumer and consumed at the time of production:

• service

• product

• doodad

• widget

This is a tangible object that consumers can purchase to satisfy needs and wants. It can be stored after purchase and potentially resold.

• service

• amenity

• product

• convenience

This is the distinctive name, emblem, or design that identifies the entrepreneur’s product, service, or company. The entrepreneur often becomes a part of this.

• headline

• slogan

• watchword

• brand

The brand __________ is the unique, memorable quality of a brand.

• headline

• image

• slogan

• content

Which of the following is a factor upon which customers might base their view of the entrepreneur’s business venture?

• Does the business provide a needed community service?

• Does the business compete based primarily by offering lower prices than competitors?

• Does the business compete based primarily on the quality and convenience of its service?

• All of the these are factors upon which customers might base their view of the business.

The Jolly Green Giant, the Michelin Man, and the Geico gecko are all examples of:

• trademarks

• market identifiers

• trade/brand characters

• industrial/professional brands

This identifies the four stages a product goes through from the time it enters the market until it is no longer sold.

• The Product Life Cycle

• The Advertising Cycle

• The Business Cycle

• The Industrial Cycle

This is the least profitable stage of the Product Life Cycle. There are no direct competitors and the price is usually high which is the ideal situation for the entrepreneur.

• The Introduction Stage

• The Growth Stage

• The Maturity Stage

• The Decline Stage

During this stage of the Product Life Cycle sales increase and competitors are attracted. Features, options, and services are added to the product.

• The Introduction Stage

• The Growth Stage

• The Maturity Stage

• The Decline Stage