Unit 5 Common Assessment-Marketing Applications

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

• government oversight

• competitors only

• market opportunities

• CEO wishes

A service that is not attached to any tangible good is a ______________ service

• pure

• new-product

• quality

• product-related

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 before a business makes a major investment?

• Company goals

• Product life cycles

• Market research

• Product monitoring

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

• more popular

• obsolete

• trendsetting

• technologically beneficial

Which of the following controls such new-product considerations as warranties and safety standards

• Government-regulations

• Product characteristics

• Stages in product life cycles

• Market research studies

Product/Service management can help decrease

• profits

• sales

• financial success

• business risk

Product/Service management plays an important role in marketing because it affects a business's strategy to create a certain impression of a product in the minds of customers. This strategy is

• project management

• licensing

• idea screening

• positioning

Which step in the new-product development process involves seeking from customers to know what response they would give to a proposed product?

• Product screening

• Idea generation

• Feasibility analysis

• Concept testing

Corinne, a product/service manager, is in charge of figuring out her product's cost of production, as well as making plans for packaging, labeling, brand-name, promotion, and distribution. Which step of the new-product development process is Corinne working on?

• Test marketing

• Commercialization

• Product management

• Idea generation