Product Service Management Quiz

What is product/service management?

• A function of finance

• A function of marketing

• A function of human resources

• A function of operations

Define a 'product.'

• Only a tangible object

• Anything a person receives in an exchange

• Only a service

• A type of advertisement

What distinguishes goods from services?

• Goods can be stored after purchase, services cannot

• Services are tangible, goods are not

• Goods are more expensive than services

• Services can be resold, goods cannot

What is one characteristic of services?

• Tangibility

• Inseparability

• Durability

• Permanence

What does product planning involve?

• Only developing new products

• Making decisions about features and services of a product

• Focusing solely on marketing strategies

• Evaluating customer feedback

In the idea generation phase, where can product ideas come from?

• Only from customers

• Only from employees

• Various sources including competitors and customers

• Only from market research

What happens during the screening ideas phase?

• Ideas are put into production

• Ideas are evaluated for potential profitability

• Ideas are marketed to consumers

• New products are launched

What is the purpose of test marketing?

• To determine production costs

• To collect data on customer reactions in specific areas

• To finalize product designs

• To reduce advertising costs

Which stage of the product life cycle involves heavy advertising to increase awareness?

• Introduction

• Growth

• Maturity

• Decline

What characterizes the growth stage of the product life cycle?

• Decrease in sales

• Increase in brand loyalty

• Increased competition and sales

• Launch of a new product