Product and Service Management

What is product/service management?

• A) A process focused solely on the pricing of products.

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

• C) A financial strategy for maximizing stock value.

• D) A customer service protocol for handling complaints and returns.

Which of the following is NOT one of the activities involved in product/service management?

• Discovering new-product opportunities

• Developing marketing plans and strategies for products

• Coordinating the product mix

• Increasing the price of products annually

What is product planning?

• The process of deciding on a marketing strategy

• The decisions made about what features should be used in the selling of a business's products and services

• The financial planning for product development

• The distribution methods for products

Which of the following is NOT a decision related to product planning?

• Packaging

• Labeling

• Market research

• Design

Why should companies consider the benefits that appeal to the consumer?

• Because it increases the product's technological advancement

• Because it simplifies the product design

• Because customers buy benefits, not just the product itself

• Because it reduces the cost of the product

What does the term "Product Mix" refer to in a business context?

• The marketing strategies used for selling products

• The combination of all marketing elements

• The total number of products a company is capable of producing

• All of the products a company makes or sells

How is "Product Width" defined in the context of a product mix?

• The number of units sold of each product type

• The number of different product lines a business manufactures or sells

• The physical size of the product packaging

• The number of countries in which the product is sold

What is the first step in the 7 Steps of Developing New Products?

• Screen ideas

• Generate ideas

• Test the product

• Evaluate customer acceptance

What is the final step in the 7 Steps of Developing New Products?

• Test the product

• Introduce the product

• Evaluate customer acceptance

• Develop the product

What is the focus during the Growth stage of the Product Life Cycle?

• Decreasing production costs

• Drawing attention to the product

• Focusing on customer satisfaction

• Deciding whether to continue