rns

Nature of Product/Service Management

Involves all activities in creating, improving, and marketing products/services, including research, design, development, and pricing.

Stages of the Product Life Cycle

Introduction, Growth, Maturity, and Decline.

Impact of Product Life Cycle on Marketing Decisions

Different stages require different strategies: high promotion during Introduction, differentiation in Growth, competitive pricing in Maturity, and deciding on discontinuation or reinvention in Decline.

Technology in Product/Service Management

Used through data analytics, CRM software, automated production, and more, to streamline operations and innovate products.

Importance of Business Ethics in Product/Service Management

Guide moral practices such as product safety, truth in advertising, fair labor, and sustainability, ensuring consumer trust and legal compliance.

Identifying Product Opportunities

Conducting market research, analyzing trends, and gathering customer feedback to find unmet needs or gaps in the market.

Techniques to Generate Product Ideas

Brainstorming, SWOT analysis, customer surveys, focus groups, and competitive analysis.

Role of Grades and Standards in Marketing

Ensure product quality and consistency, influencing consumer trust and brand reputation.

Difference Between Warranties and Guarantees

A warranty promises to repair/replace a product within a certain period, while a guarantee is a broader assurance of quality.

Consumer Protection Provisions

Laws and regulations enforced by agencies like the FTC or CPSC to protect consumers from fraud, unsafe products, and misleading advertising.

Product Mix

The complete range of products a company offers, including product lines, width, length, and depth.

Product Bundling

Selling multiple products together as a package deal to provide value to customers and encourage larger purchases.

Corporate Branding

Creating a positive perception of a company through its visual identity, values, mission, and customer experience.

Customer Touch Points

Any interactions between a customer and a brand, such as websites, customer service, social media, and physical stores.

Factors Used to Position Products/Services

Price, quality, features, benefits, and brand image.

Product/Service Branding

Building a distinct identity for individual products/services through naming, packaging, and marketing strategies.

Role of Customer Voice in Branding

Customer feedback and perceptions shape the brand’s reputation and guide marketing strategies to meet customer expectations.