Strand 5: Product Service Management

What is a product mix?

• A company’s profit margin

• The total variety of products a business offers

• The number of customers a business serves

• A list of a company’s employees

Which of the following describes a product line?

• A single product sold by a company

• The price of a product over time

• The color choices for a single product

• A group of closely related products

What does product width refer to?

• The number of product lines a business has

• The quality of a single product

• The sales growth of a product

• The colors available for a single product

What is product depth?

• The brand name of a product

• The varieties available within a single product line

• The cost of producing a product

• The number of features in a product

What is the purpose of generating new products?

• To keep up with customer needs and trends

• To limit product options for customers

• To reduce advertising

• To increase production costs

What is the Development stage of the product life cycle?

• The stage where the product is discontinued

• The stage where the product reaches peak popularity

• The stage where a product is designed and tested before launch

• The stage where a product is first launched to the public

During which stage of the product life cycle do sales begin to level off?

• Introduction

• Maturity

• Growth

• Decline

In which stage of the product life cycle is a product first launched to build awareness?

• Maturity

• Development

• Introduction

• Growth

What is a key characteristic of the Decline stage of the product life cycle?

• Decreasing customer interest and sales

• Heavy advertising and promotion

• Increasing popularity

• New competitors entering the market

What does Software as a Service (SaaS) involve?

• Selling software applications that are accessed online through a subscription

• Creating software products that offer only limited features compared to full versions available for purchase

• Selling physical hardware devices and related accessories directly to customers in retail stores

• Providing software that must be manually installed on each device and requires regular updates from the user