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P/S MAnagement
| Question | Answer |
|---|---|
| Product Planning | Making decisions about the features and services of a product or idea that will help sell the product |
| Product Mix | All the different products that a company makes or sells |
| Product Line | A group of closely related products manufactured or sold by a business |
| Product Life Cycle | The stages that a product goes through during its life |
| Product Item | A specific model,brand, or size of a product within a product line |
| Depth | Items offered in a product line |
| Width | How many product lines a business offers |
| Category Management | A process that involves managing product categories as individual business units |
| Product Modification | An alteration in a companies existing product |
| Product Positioning | The image a product projects that sets it apart from the competition |
| Planogram | A computer developed diagram that shows retailers how and where products within a category should be displayed on a shelf at individual stores |
| Brand Recognition | Is when consumers become aware of a brand and know a bit about it |
| National | The manufacturer has assumed all responsibility of branding |
| 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 products. | 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 what strategy? | Unique characters |
| One way a company can reinforce its image is by | training its employees |
| A business's brand promise is what the business intends to | provide the customer |
| What is a purpose of warranties and guarantees? | To protect the producer and the seller |
| When products are graded by non governmental agencies, the grading is | Voluntary |
| A business is behaving unethically if its product label contains | Misleading Info |
| Why does a company need to know what stage of the product life cycle its products are in? | To adapt its marketing strategies |
| Which activity is addressed in the product/service management function? | Eliminating products that are slow sellers |
Created by:
Tucker_Pinson
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