Product/Service Management and Life Cycle

Product/service management involves overseeing the development, maintenance, and improvement of products and services throughout their lifecycle. This function ensures that products meet customer needs, align with market demands, and stay competitive. It includes activities like market research, product design, pricing, packaging, and monitoring customer feedback. The scope extends from the introduction of new products to managing existing ones and eventually discontinuing products that no longer perform well.

The product life cycle (PLC) consists of four stages: introduction, growth, maturity, and decline.

<p>Competitive pricing</p> Signup and view all the answers

<p>In the decline stage, businesses must decide whether to discontinue, reposition, or invest in marketing strategies (such as discounts) to clear inventory.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Data analytics tools analyze customer behavior and market trends to guide product decisions.</p> Signup and view all the answers

<p>CRM systems gather feedback to improve or adapt products.</p> Signup and view all the answers

<p>Artificial intelligence (AI) automates repetitive tasks, predicts trends, and personalizes customer experiences.</p> Signup and view all the answers

<p>3D modeling and simulation software assist in designing new products.</p> Signup and view all the answers

<p>Supply chain technology optimizes inventory and delivery for efficient product availability.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>Honest communication involves providing accurate information about product features and benefits.</p> Signup and view all the answers

<p>Quality standards ensure products meet safety and performance requirements.</p> Signup and view all the answers

<p>Sustainability involves reducing environmental impact through eco-friendly materials and processes.</p> Signup and view all the answers

<p>Fair pricing avoids price gouging or deceptive pricing tactics.</p> Signup and view all the answers

<p>Ethical practices build trust, loyalty, and a positive brand reputation.</p> Signup and view all the answers

<p>Product opportunities arise when businesses identify unmet customer needs, gaps in the market, or trends to capitalize on.</p> Signup and view all the answers

<p>To identify opportunities, businesses should analyze market data, study competitors, listen to customer feedback, monitor technology and innovation.</p> Signup and view all the answers

<p>Spotting opportunities requires a combination of market research, creativity, and adaptability.</p> Signup and view all the answers

<p>Generating product ideas involves creative and structured techniques such as brainstorming, SWOT analysis, trend analysis, and customer feedback.</p> Signup and view all the answers

<p>Brainstorming: Collaborative sessions to generate a variety of ideas.</p> Signup and view all the answers

<p>SWOT analysis: Evaluating strengths, weaknesses, opportunities, and threats to find gaps.</p> Signup and view all the answers

<p>Trend analysis: Identifying emerging market or consumer trends.</p> Signup and view all the answers

<p>Customer feedback: Using surveys, reviews, or focus groups to understand needs.</p> Signup and view all the answers

<p>Benchmarking: Studying successful competitors to inspire innovation.</p> Signup and view all the answers

<p>These methods encourage creative and data-driven approaches to product ideation.</p> Signup and view all the answers

<p>Identify common frustrations or needs in your target market.</p> Signup and view all the answers

<p>Combine ideas: Merge two or more concepts to create something innovative (e.g., smartwatches combining fitness tracking with notifications).</p> Signup and view all the answers

<p>Incorporate trends: Use cultural or technological shifts (e.g., eco-friendly packaging).</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>Grades: Classify products based on quality (e.g., “Grade A eggs”). This helps customers compare products easily.</p> Signup and view all the answers

<p>Warranties: Promises made by the seller to repair or replace a product if it fails within a specified period. They protect customers from defective goods.</p> Signup and view all the answers

<p>Both build customer trust and reduce perceived risks, encouraging purchases.</p> Signup and view all the answers