Marketing Cluster Product Service Management

What is the primary goal of product/service management?

• To reduce production costs
• To manage inventory levels
• To satisfy customer needs while achieving company goals
• To increase employee productivity

Answer explanation

The primary goal of product/service management is to satisfy customer needs while achieving company goals. Reducing costs, managing inventory, or increasing employee productivity are secondary objectives.

What does a product mix include?

• The total number of products a company offers
• The marketing strategies for each product
• The resources used to produce a product
• The distribution channels for a product

Answer explanation

A product mix refers to the total number of products a company offers. Marketing strategies, resources, and distribution channels relate to individual products, not the entire mix.

Which of the following is an example of a product line?

• A store's selection of home goods
• A car manufacturer’s SUVs
• A company’s new logo design
• A chain of retail stores

Answer explanation

A product line is a group of related products, such as a car manufacturer's SUVs. Home goods, logos, and retail stores are not considered product lines.

What does the term 'product positioning' refer to?

• Placing a product on store shelves
• Defining how a product is perceived in the market
• Creating a marketing campaign for a product
• Establishing a product’s price

Answer explanation

Product positioning defines how a product is perceived by customers in the market. It’s not directly related to shelving, campaigns, or pricing.

How can businesses use a product life cycle to manage products effectively?

• By eliminating all costs during the growth stage
• By modifying marketing strategies at each stage
• By focusing only on the decline stage
• By ensuring products remain in the introduction stage

Answer explanation

The product life cycle helps businesses adapt marketing strategies to each stage. Ignoring other stages or focusing only on cost elimination isn’t effective.

What is the primary goal of product/service management?

• To reduce production costs
• To manage inventory levels
• To satisfy customer needs while achieving company goals
• To increase employee productivity

Answer explanation

The primary goal of product/service management is to satisfy customer needs while achieving company goals. Reducing costs, managing inventory, or increasing employee productivity are secondary objectives.

What does a product mix include?

• The total number of products a company offers
• The marketing strategies for each product
• The resources used to produce a product
• The distribution channels for a product

Answer explanation

A product mix refers to the total number of products a company offers. Marketing strategies, resources, and distribution channels relate to individual products, not the entire mix.

Which of the following is an example of a product line?

• A store's selection of home goods
• A car manufacturer’s SUVs
• A company’s new logo design
• A chain of retail stores

Answer explanation

A product line is a group of related products, such as a car manufacturer's SUVs. Home goods, logos, and retail stores are not considered product lines.

What does the term 'product positioning' refer to?

• Placing a product on store shelves
• Defining how a product is perceived in the market
• Creating a marketing campaign for a product
• Establishing a product’s price

Answer explanation

Product positioning defines how a product is perceived by customers in the market. It’s not directly related to shelving, campaigns, or pricing.

How can businesses use a product life cycle to manage products effectively?

• By eliminating all costs during the growth stage
• By modifying marketing strategies at each stage
• By focusing only on the decline stage
• By ensuring products remain in the introduction stage

Answer explanation

The product life cycle helps businesses adapt marketing strategies to each stage. Ignoring other stages or focusing only on cost elimination isn’t effective.