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Product Service Management
Why does a company need to know what stage of the product life cycle its products are in? | To adapt its marketing strategies |
What is a technologically advanced method that allows businesses to produce products that are specialized for a very few customers? | Mass customization |
When a company uses its product wrapping to promote the preservation of an endangered animal species, it is engaging in an ethical practice called | cause packaging |
Which activity is addressed in the product/service management function? | Eliminating products that are slow sellers |
Why is the quality level of a product an important product/service management decision? | It reflects the image of the business |
Why should a business continue to monitor an established product? | To make changes in order to extend a product's life cycle |
Five years after a new product has been introduced, sales begin to level off because customers are purchasing the competitor's brand. What strategy would be most appropriate to use in this situation? | Modify the product to renew customer interest |
A business is behaving unethically if its product's label contains | misleading information |
What is one way businesses use computer technology to obtain information to improve their product/service mix? | Tracking visitors to their web sites |
Which of the following technological tools helps a business's employees simultaneously access the same information about the business's products? | Intranet |
A drawback of brands as compared to unbranded products is that they usually | must be sold at higher prices |
Which of the following is a reason that a business would make changes to its products? | To keep up with changing consumer preferences |
Why would a business use a broad product mix? | To promote one-stop shopping |
A business that says it tries harder because its product is not number one, is using product positioning to | compete |
In what stage of brand loyalty do people become aware of the brand? | recognition |
Brand or trade names are used primarily to identify a | product |
Company XYZ sells condensed soups and promotes them by saying, "Great taste, great price." Company XYZ is positioning its product according to what strategy? | Price and quality |
Why do companies use brands for their products? | To differentiate their products |
A company advertises that its products are durable, lightweight, and come in a variety of colors. What strategy is the company using to position its product? | Features and benefits |
A company that makes ink pens claims no other pen on the market uses a type of ink that changes color when exposed to light. The company is positioning its product according to which strategy? | Unique characteristics |
When a business publicly pledges to provide all of its customers with quick, courteous service, what is it doing? | Making a brand promis |
Teri purchased a new car and expects for the entertainment system to work smoothly. Which warranty is Teri expecting to be fulfilled? | Implied |
When products are graded by nongovernmental agencies, the grading is | voluntary |
What will probably happen to a business if it continuously fails to deliver on its brand promise? | Lose credibility |
A customer buys a CD player and receives a printed warranty card stating the action the company will take if the CD player does not work properly. This is an example of a(n) warranty | express |
One way a company can reinforce its image is by | training its employees |
One way of reinforcing the company's image through employee performance is by making sure employees have | through knowledge of the products |
What is a purpose of warranties and guarantees? | To protect the producer and the seller |
A business's brand promise is what the business intends to | provide the customer |
Why do many professional organizations develop standards for their members to follow? | To promote product safety |
Which activity is addressed in the product/service management?
marketing.
What is product and service management?
Product service management (PSM) is a marketing function that focuses on improving a product or service in response to market changes. It involves an ongoing evaluation of their features in order to improve or modify the items as required.
Why is the quality level of a product an important product or service management decision?
Why is the quality level of a product an important product/service management decision? It reflects the image of the business. It protects the consumers. It refers to the way the product works.
What are the benefits of ethical product/service management?
Benefits of Product/Service Managing
Constant control and good management of goods give more chances to increase sales and profits. Modification of goods and the introduction of new products expand the number of customers. Increasing sales due to an understanding of demand and the need for goods.