Marketing Management Module 3

1. What is the primary objective of product management?

• To increase employee benefits

• 1. To oversee the development, marketing, and profitability of a product

• To reduce production times

1. Why is product management important for businesses?

• It limits market expansion

• 1. It decreases customer satisfaction

• It helps in creating products that meet customer needs and drive business growth

3. Which of the following is a product level?

• Core product

• Product price

• Product promotion

3. What is a product hierarchy?

• The system for tracking product inventory

• The process of creating a new product

• The arrangement of products into various levels based on their importance and use

5. Which of the following is a classification of products?

• Employee benefits

• Consumer goods

• Production costs

5. What is a product mix?

• The process of promoting products

• 5. The total range of products offered by a company

• The inventory of finished goods

5. Which is a common product mix strategy?

• Increasing employee training

• Reducing market research

• Product line extension

8. What is the purpose of managing the product life cycle?

• To limit customer interaction

• 8. To maximize the product's profitability and market share throughout its life

• 8. To reduce product quality

9. What is a key step in new product development?

• Idea generation

• 9. Employee hiring

• 9. Market research

10. How does packing serve as a marketing tool?

• It limits customer engagement

• It reduces the need for advertising

• It enhances the product's appeal and communicates important information