2.01 PSM & Brands - F22

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

• services.
• brand-name products.
• product lines.
• private labels.

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

Product/Service management can help decrease

• profits.
• sales.
• financial success.
• business risk.

Why should existing products be monitored?

• To put a marketing plan in place
• To make changes to extend a product’s life cycle
• To determine the acceptance of a product by a limited market
• To evaluate how well a product might fit into a firm’s product mix

Why must care be taken in eliminating weak products?

• To prevent damaging a company’s image
• To reduce a company’s market share
• To obtain higher product costs
• To increase the number of product-related complaints