PRODUCT MGMT MIDTERM EXAM

It is a function within a company that deals with the planning or marketing or forecasting of a product or products through at all stages of the product lifecycle.

Market needs are classified as ___________. All these have a tangible value and can be commercially produced and marketed profitably.

Goods are tangible products such as cars, clothing, and machinery. They have shape and can be seen and touched. Services are intangible. Hair styling, pest control, and equipment repair, for example, do not have a physical presence.

All goods have some degree of durability beyond thetime of purchase. Services do not; they perish as they are delivered.

Goods can be stored for later use. Thus, production and consumption are typically separate. Because the production and consumption of services are simultaneous, services and the service provider cannot be separated.

The quality of goods can be controlled through standardization and grading in the production process. The quality of services, however, is different each time they are delivered.

The customer needs to get something new in order to stay interested in a company‘s product. This can be in the form of new features, new shapes, new products and even a new price. This innovation is the continual flow of new products.

It is a term used in business to describe the process of capturing a customer's requirements. Specifically, the Voice of the Customer is a market research technique that produces a detailed set of customer wants and needs.

It is usually expressed in percentage. It is the percentage of money gained or lost on an investment relative to the amount of money invested.

It is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even".