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

Virtually all products can be marketed to both industrial buyers and final ___________.

This characteristic of services means that a service cannot be touched, tasted, seen, etc

Unsold seats on an airline cannot be stored for future use. This is an example of which characteristic of services?

This term means that differences can occur from one service provider to the next.

This ultimately determines if a good or service is an industrial good or a consumer good

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

The brand __________ is the unique memorable quality of the brand

Sony is a brand of products that can be purchased at many different stores. What type of brand is Sony?

Great Value brand is only sold at Walmart. What category of brands does it fall into?

A product with a well-developed image uses the same brand name in different product categories. What type of strategy is this?

The legal protection of the words or symbols for use by a company

When the NFL authorizes manufacturers to use NFL logos for a fee, this is an example of

A branding strategy in which multiple brand names are created to appeal to different markets

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

A strategy that combines one or more brands to increase sales and loyalty for each individual brand.

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 tangible parts of a brand include all of the following except its

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 where competition among brands is fierce and sales begin to level off

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

Marketers promote their brand by distinguishing it from competitors’ brands during the stage of a product

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

According to the Federal Trade Commission, a new product must be

How long will the FTC allow a product to be labeled as “new”

This term refers to a specific city or geographic area where marketing experiments are done

This is the physical container or wrapping for a product

Which of the following is a common function of packaging?

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

Packaging provides

Most packaging

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

The number of different product lines carried by a company

Number of versions offered within each product line

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

Purchasing the services of a plumber when your toilet breaks would be an example of a/an 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

A type of shopping good in which a variety of differences exist is products and the consumer will consider a number of factors to determine the best value

A type of shopping good in which products are very similar but have significant price differences

These type of goods are more expensive than convenience goods and consumers will spend time shopping around for the right product and/or price.

Purchasing gasoline because your car ran out of fuel would be an example of

Purchasing a product that you need regularly such as toothpaste or toilet paper would be an example of

Buying a magazine that you weren’t originally planning to buy in the checkout line of the grocery store would be an example of what type of good

All of the following are considered important in planning the product mix except:

The most difficult step in new product development is usually

A product strategy starts with the decision about

In the ______ step of the new product development process, the company determines if they can afford to produce and market the product.

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

A ______ is often used to first introduce a new product.

The biggest risk of test marketing is

During which step of the new product development process do companies focus on characteristics like market size, marketing impact, and effect on the company image?

What is a product’s success or failure in the market largely determined by?

The difference between a product mix and a marketing mix is

The service sector is the largest and fastest growing employment sector in our economy.

Virtually all products can be marketed to both industrial consumers and final consumers.

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

Services are often very labor intensive.

The owner of a company must protect the brand from infringement.

A trade character is the visual personification of a brand.

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.

Product development only includes the introduction of new products

Who is your favorite teacher?