5-1 Product/Service Management

What is the Product Life Cycle?

• Phases products go through in the marketplace
• A product development process
• A financial analysis tool
• A marketing strategy

What is the role of product/service management in marketing?

• Tracking consumer trends
• Managing finances
• Handling legal issues
• Creating HR policies

What does MVP stand for in product/service management?

• Main Value Proposition
• Minimum Viable Product
• Maximum Viable Product
• Most Valuable Product

Which of the following is an example of a service?

• Food
• Toothpaste
• Cars
• Haircut

According to Jim Collins, what is the enemy of great?

• Acceptance
• Mediocrity
• Good
• Perfection

How can product/service management help in positioning a brand in the marketplace?

• By focusing on cost-cutting measures
• By ignoring customer feedback
• By tracking consumer trends
• By offering discounts and promotions

What is the purpose of a test market in the new product development process?

• To finalize product design
• To establish brand awareness
• To gather customer feedback
• To generate revenue

What is the goal of a Minimum Viable Product (MVP)?

• To be perfect in every aspect
• To generate maximum revenue
• To meet customer needs with minimal features
• To have the most features in the market

What is the main focus of the commercialization phase in the new product development process?

• Generating ideas for new products
• Building prototypes
• Conducting market research
• Offering the product for sale to real customers

What is a product-related service?

• A service provided by a company
• A service sold with a good
• A standalone service
• A service provided for free