MP IA3 Review

What does product/service management (PSM) involve?

• Eliminating products that have become liabilities
• Obtaining, developing, maintaining, and improving a product mix
• Reassessing customers' needs
• Advertising a product

Which of the following is a phase in product/service management?

• Marketing research
• Developing new products
• Expanding brand identity
• Increasing advertising spend

Which factor affecting product/service management suggests that a business should adjust its product mix to keep up with laws and regulations in order to avoid lawsuits?

• Government regulations
• Business & economic trends
• Company goals & strategies
• The product itself

What is the difference between primary and secondary information?

• Primary information is gathered for specific situations, while secondary information has already been collected for other purposes
• Primary information is more expensive, while secondary information is free
• Primary information is quantitative, while secondary information is qualitative
• Primary information is for market research, while secondary information is for customer feedback

Which step is involved in the development of a new product?

• Testing the product concept with potential customers
• Eliminating weak products from the market
• Establishing brand loyalty
• Managing social media presence

What is the primary goal of test marketing a product?

• To test the product's profitability
• To understand how customers and retailers will react to the product
• To determine the product's market share
• To establish brand loyalty

A business determines that its target market values high-quality products and is willing to pay a premium for them. Which pricing objective is the business most likely focusing on?

• Sales
• Profitability
• Competition
• Image or prestige

What is the purpose of monitoring existing products?

• To increase brand recognition
• To track sales, profits, market share, and alignment with company goals
• To develop new marketing strategies
• To discontinue unsuccessful products

A company's product manager for a luxury car brand wants to ensure that the car creates a positive impression in the minds of customers. What aspect of product/service management are they focusing on?

• Product positioning
• Product development
• Brand awareness
• Brand loyalty

A company's goal is to maintain its market share, but they find that their product mix is outdated compared to the competition. How might they address this issue?

• Discontinue all products in the mix immediately
• Focus only on advertising and sales
• Reassess and adjust the product mix to meet customer needs and stay competitive
• Increase production costs to offer higher-quality products