1.       Which of the following does product/service management help businesses to do?

A good or service with monetary value that satisfies customers’ needs and wants.

An intangible activity that is consumed at the time of production

A tangible object that customers can purchase that can be stored after purchase and resold

The unique name, symbol, or design that identifies a product or company

If Coca Cola decided to begin manufacturing ice cream and gum under their brand, which of the following activities would be taking place?

The Jolly Green Giant, the Keebler Elf, the Geico Gecko, and the Michelin Man are all examples of

The “swoosh” is an example of a _________ for Nike.

“Just Do It” is an example of a ___________ for Nike.

The stages a product goes through from the time it enters the market until it is no longer sold

The stage of the product life cycle in which there are no competitors, the price of the product is high, but profits are low

The stage of the product life cycle when sales increase and competition is attracted

The stage of the product life cycle where sales peak, most people in a market who would buy the product already have it, and profits start to decline

The stage of the product life cycle where consumers decide a product is no longer meeting needs

When a product reaches the ____________ stage, competition among brands is fierce and sales begin to level off.

At the beginning of the ___________ stage, few, if any, customers know about the product.

Which is the least profitable stage of the product life cycle?

This is the physical container or wrapping for a product.

Which of the following is a common function of packaging?

1.       The packaging of a product can prevent __________ and provide security for the product until a customer can use it.

  Packaging provides

The Lay’s Potato Chips “Do Us a Flavor Campaign” is a unique way of involving customers to add and vote on potato chip flavors for the company’s

  Proctor and Gamble markets over 250 products that are organized into groups of similar products called

   Gum placed near a counter so customers will buy it is an example of a __________ good.

  When purchasing this type of good, customers will refuse to accept a substitute. These are well known brands and are often very expensive types of goods.

The most difficult step in new product development is usually

  A company CEO scraps an idea for a product because that product idea never worked in the past. This is an example of

Most “new” products introduced into the marketplace are successful.

Most “new” products are existing products that have been changed and/or improved

The most important difference between goods and services is that services are intangible.

It is ok to use another company’s brand name, slogan, or characters without permission to increase your own company’s sales.

  A product mix is all the products a company offers to customers.