Product/Service Management 2.01

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

• product mix

• service

• brand name

• good

Massages, cooking lessons, and Internet connections are known as

• good

• brand name

• service

• product mix

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

• Market opportunities

• Government intervention

• Private labels

• Social Media

The 3 main phases of product management are:

• Growth, maturity, decline

• New product development, monitoring existing products, eliminating weak products

• Generate ideas, screen ideas, test the product concept

• Positioning, product success, branding

Product/service management are influenced by which of the following?

• Customer needs and wants

• Company goals and strategies

• Costs and resources

• A & B

• All of the above

True or False: Product management helps position your product, enables you to create a product image/brand, and improves product success.

• True

• False

True or False: If I have one product that is mature and one that is growing, my product management strategy would be the same for both products.

• True

• False

A product manager reviews sales numbers for the past year. In which phase of product management does this occur?

• New product development

• Monitoring existing products

• Eliminating weak products

Coca Cola decides to discontinue Fresca soda. Which phase of product management is this?

• New product development

• Monitoring existing products

• Eliminating weak products

Training sales people on a product that will be released next month is which phase of product development?

• New product development

• Monitor existing products

• Elimination of weak products