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PSM
Product Service Management
| Question | Answer |
|---|---|
| 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 |
Created by:
nicholas_castoro