Rapping It Up

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

• a. competitors only.

• b. government oversight.

• c. market opportunities.

• d. CEO wishes.

2. A new car that provides you the benefit of transporting you to work is known as a(n)

• a. service.

• b. good.

• c. product mix.

• d. brand name.

3. Massages, cooking lessons, and Internet connections are known as

• a. services.

• b. brand-name products.

• c. product lines.

• d. private labels.

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

services.

• a. pure

• b. new-product

• c. quality

• d. product-related

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

• a. pure

• b. new-product

• c. quality

• d. product-related

6. Which of the following statements is true of product/service management:

• a. It is only useful for small businesses.

• b. It involves discovering new-product opportunities.

• c. It is only necessary for large businesses.

• d. It involves continuing to sell unsuccessful products.

7. Product/Service management should be approached from the angle of the

• a. product’s technological benefits.

• b. customer’s point of view.

• c. product itself.

• d. competition’s point of view.

8. What can help product/service managers predict whether a new product will be successful

before a business makes a major investment?

• a. Company goals

• b. Product life cycles

• c. Market research

• d. Product monitoring

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

• a. Elimination of weak products

• b. Idea generation

• c. New-product development

• d. Monitoring of existing products

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

• a. more popular.

• b. obsolete.

• c. trendsetting.

• d. technologically beneficial.