MANAGEMENT

Detailed explanation-1: -Managers may reposition the product by changing the marketing strategy. Or, they may decide to eliminate the product altogether. This is also known as product discontinuation. Weak prod-ucts are those with declining sales and profitability.

Detailed explanation-2: -The three main phases of product/service management are new-product development, monitoring existing products, and elimination of weak products.

Detailed explanation-3: -Pricing. The pricing function involves determining and adjusting prices to maximize return and meet customers’ perceptions of value. This often involves deciding how much to charge for products so customers will want to buy and businesses will make a profit.

Detailed explanation-4: -In addition, marketing-information management helps busi-nesses to find out if customers are satisfied with their products. Without this information, businesses could only guess at what to produce or what changes to make. They might produce too much or not enough to meet demand.