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WorksheetsTotal Recall- Product/Service Management
Total questions: 12
Worksheet time: 24mins
1. What are the three main phases of product/service management?
How do businesses obtain new products?
What are the steps of internal product development?
What decisions do product/service managers make when monitoring existing products?
Why would a company discontinue a product? How do product/service managers complete this task?
What is product/service management?
What is a product?
What is a good?
What is a service?
What factors affect product/service management?
Customer needs and wants
Company goals and strategies and business/economic trends
Costs and available resources
Competition and government regulations
The product itself and the stage in the product life cycle
What are the benefits of product/service management?
Business’s sales and profits will improve if it is offering the products and services its target market wants and needs.
When a business’s sales and profits improve, its market share and ability to beat the competition may also improve.
When a business takes the time to develop and market appropriate products, it can develop many new customers (which can also translate into greater sales, profits, and market share).
The better managed a business’s products and services are, the less exposure the business has to financial risk from failed products, lost sales, and inability to meet the competition.
What role does product/service management play in marketing?
It affects positioning.
It improves product success.
It gives a product an image.
Marketing
