MM51-2.01 Marketing Study Guide (Part 1)

Product/Service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to

• competitors only.
• government oversight.
• market opportunities.
• CEO wishes.

A new car that provides you the benefit of transporting you to work is an example of a

• service.
• good.
• product mix.
• brand name.

Massages, cooking lessons, and Internet connections are examples of

• services.
• brand-name products.
• product lines.
• private labels.

Services that include delivery, instruction, or maintenance are __________ services.

• pure
• new-product
• quality
• product-related

A service that is not attached to any tangible good is a __________ service.

• pure
• new-product
• quality
• product-related

Which of the following statements is true of product/service management:

• It is only useful for small businesses.
• It involves discovering new-product opportunities.
• It is only necessary for large businesses.
• It involves continuing to sell unsuccessful products.

Product/Service management should be approached from the angle of the:

• product’s technological benefits.
• customer’s point of view.
• product itself.
• competition’s point of view.

What can help product/service managers predict whether a new product will be successful before a business makes a major investment?

• Company goals
• Product life cycles
• Market research
• Product monitoring

Costs and available resources are especially important factors for product/service managers to examine during which phase of product/service management?

• Elimination of weak products
• Idea generation
• New-product development
• Monitoring of existing products

When a competing product that offers additional benefits enters the market, a business’s product may become

• more popular.
• obsolete.
• trendsetting.
• technologically beneficial.