Marketing: 5-1 Product/Service Management

What is considered a good in product/service management?

• A car

• Spotify

• Netflix

• A haircut

Which of the following is an example of a service?

• Toothpaste

• Shoes

• Food

• Lawn care service

What does product/service management primarily focus on?

• Reducing production costs

• Improving existing products and developing new ones

• Increasing the number of employees

• Expanding the company globally

What is the first phase in the new product development process?

• Product Development

• Commercialization and Rollout

• Idea Generation

• Screening

Which company is mentioned as using a freemium model?

• Apple

• Microsoft

• Dropbox

• Uber

What does the product life cycle include?

• Planning, Execution, Monitoring, Closing

• Introduction, Growth, Maturity, Decline

• Research, Development, Launch, Evaluation

• Concept, Design, Implementation, Maintenance

Who said 'good is the enemy of great'?

• Robert J. Kriegel

• Steve Jobs

• Bill Gates

• Jim Collins

What is a Minimum Viable Product (MVP)?

• A product that is developed with the least amount of resources

• A product with the minimum necessary features to satisfy early customers

• A product that is released after extensive testing

• A product with the highest quality and features

What is the purpose of using a test market?

• To test the company's marketing strategy

• To limit the product availability

• To reduce business risk and gather information

• To increase the product price

Which philosopher said, 'The best is the enemy of the good'?

• Aristotle

• Plato

• Voltaire

• Socrates