Total Recall- Product/Service Management

1. What are the three main phases of product/service management?

Answer explanation

new product development monitoring of existing products elimination of weak products

How do businesses obtain new products?

Answer explanation

They may purchase them from another person or company, license them from another person or com-pany (meaning they buy permission to sell the product but do not actually own it), acquire them by purchasing another company, or develop them internally.

What are the steps of internal product development?

What decisions do product/service managers make when monitoring existing products?

Answer explanation

Product/Service managers may decide an existing product is per-forming well and needs no modifications. Or, they may choose to add new features or change the design or packaging in some way. Making changes in an existing product often follows steps similar to those used in new-product development. Managers may reposition the product by changing the marketing strategy. Or, they may decide to eliminate the product altogether.

Why would a company discontinue a product? How do product/service managers complete this task?

Answer explanation

his is also known as product discontinuation. Weak products are those with declining sales and profitability. Product discontinuation must be planned carefully to prevent damaging the company’s image. Some products can be dropped immediately, but some are withdrawn from the market over a period of time. Some companies eliminate a weak product slowly so that customers have time to find replacements, or they may continue to provide service for a discontinued product for a certain period of time to retain customer goodwill.

What is product/service management?

Answer explanation

Marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

What is a product?

Answer explanation

good or service

What is a good?

Answer explanation

tangible object that can be manufactured and produced for resale

What is a service?

Answer explanation

intangible activity performed by other people in exchange for payment

What factors affect product/service management?

• Customer needs and wants

• Company goals and strategies and business/economic trends

• Costs and available resources

• Competition and government regulations

• The product itself and the stage in the product life cycle