MKT 2.01-A Quiz

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

• service

• good

• product mix

• brand name

Massages, cooking lessons, and Internet connections are examples of

• brand-name products

• services

• product lines

• private labels

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

• new-product

• product-related

• quality

• pure

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

• new-product

• product-related

• quality

• pure

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

• It is only useful for small businesses.

• It involves discovering new-product opportunities.

• It is only necessary for large businesses.

• It involves continuing to sell unsuccessful products.

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