BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Setting discounts to clear products from inventory
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Determining where products will be offered for sale
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Focusing promotional activities on a new product’s release
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Eliminating products that are slow sellers
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Detailed explanation-1: -The three main phases of product/service management are new-product development, monitoring existing products, and elimination of weak products. New-product development involves idea generation and screening, concept testing, feasibility analysis, product development, test marketing, and commercialization.
Detailed explanation-2: -Product service management (sometimes product/service management) is the process of shaping a company’s offerings in response to demand stemming from market fluctuations. A product service manager (PSM) anticipates customer needs and then guides product development to meet them.
Detailed explanation-3: -Product service managers modify the goods by asking for feedback from customers and their views. They then use the feedback to advance the quality of the products to fit the customer’s preference. The product/service management team ensures increased orientation for the product to meet the customer’s exact needs.
Detailed explanation-4: -Product quality is important because it affects the success of the company and helps establish its reputation in customer markets. When companies can create high-quality products that continue to meet customer demands, it can lead to fewer production costs, higher investment returns and increases in revenue.