Product/Service Management

Any form of communication used to inform, persuade, or remind people about a business’s products.

T/F: One of the Functions of Packaging is that the packaging provides the safety uses of the product.

Obtaining, developing, and improving a product or product mix in response to market opportunities.

Involves making decisions about where to sell your product.

Most of company dollars are spent fighting off the competition in this stage.

 This is a common strategy when a firm is trying to solidify an advantage over another firm.

A shoe company once used a triangle to identify its products and itself. What term best describes the triangle?

Advertising focuses on consumer satisfaction in this stage.

Individual products may be positioned in relation to other products in the same line.

________ is the physical container or wrapping for a product.

Products are often associated with a feature, attribute, or customer benefit.

By offering economy lines, mid-priced lines, and luxury lines, companies are able to position by

T/F: One of the Functions of Packaging is that the packaging provides information.

____ is a brand mark with human form or characteristics (Keebler Elf).

A group of closely related products manufactured or sold by a business

This is the least profitable stage of the product life cycle.

The process of making decisions about the product and service features needed to sell a business's products

Understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.

The stages a product goes through during it's life

Adding a new line or product to a current product line

_______ refers to the number of product items in a given product line.

The number of different product lines a business manufactures or sells

The process of getting the marketing information needed to make sound business decisions.

_________ is a specific model, brand, or size of a product within a product line.

T/F: One of the Functions of Packaging is that the packaging defines the product identity.

All of the different products a company makes or sells

T/F: One of the Functions of Packaging is that the packaging expresses the benefits and features of the product.

Providing customers with goods and services they want to buy.

The efforts a business makes to identify, place, and sell its products in the marketplace

What does a brand name or mark become when it is legally registered and has protected rights?

___ is the name that identifies the company or organization. (Keebler)

What is the first step in product development?

_____ is a brand name, brand mark, trade name, trade character or combination of these that is given legal protection.

The major goal of this stage is to draw the customer's attention to the new product.

____ is the part of the brand that is the symbol or design (aka a logo!!)

Deciding how much to charge for goods and services to make a profit.

T/F: One of the Functions of Packaging is that it promotes and sells the product.

T/F: One of the Functions of Packaging is that the packaging protects the product.

____ is the word, group of words, letters or numbers representing a brand that can be spoken (Town House Crackers)

Besides dropping the product, the company tries other strategies to gain further sales in this stage.