What is PRODUCT/SERVICE MANAGEMENT?

What is PRODUCT/SERVICE MANAGEMENT?

• A process of budgeting and financial oversight

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

• A strategy for promoting products and services to the public

• A method for training employees in customer service

What are the stages of the Product Life Cycle as presented in the image?

• Introduction, Growth, Maturity, Expansion

• Introduction, Growth, Maturity, Decline

• Research, Development, Maturity, Decline

• Introduction, Peak, Maturity, Decline

What is established during the Introduction Stage of a product?

• Market dominance

• Customer loyalty

• Product branding and quality level

• Distribution channels

What may be obtained during the Introduction Stage to protect the product?

• Business plan

• Patents and trademarks

• Investment capital

• Market analysis

What is the aim of promotion in the Introduction Stage?

• To reduce the overall marketing budget

• To focus on the features of the product only

• To build product awareness and educate potential consumers about the product

• To create a high demand for the product immediately

What tends to happen to product features during the maturity stage of a product?

• They become less sophisticated.

• They may be enhanced to differentiate the product from competitors.

• They are simplified to reduce costs.

• They remain unchanged to maintain brand consistency.

What is likely to happen to pricing during the maturity stage due to new competition?

• Pricing increases significantly.

• Pricing remains the same to keep loyal customers.

• Pricing may be lower because of the new competition.

• Pricing is not affected by competition at this stage.

What is emphasized in promotion during the maturity stage of a product?

• Price reductions

• Product differentiation

• Global expansion

• Cost-cutting measures

What happens to the growth in sales when a product reaches maturity?

• It accelerates rapidly.

• It remains constant.

• It levels off.

• It becomes unpredictable.

What does discontinuing the product involve according to the decline stage options?

• Increasing marketing efforts to boost sales

• Liquidating remaining inventory or selling it to another business such as Ross or TJ Maxx

• Finding new uses for the product

• Raising the product's price to create exclusivity