The process of planning and managing products and services to meet customer needs.
product/service management
All the products that a company offers.
product mix
The stage when a product first enters the marketplace.
introduction
Principles that help determine right and wrong behavior in business.
business ethics
Moving customers toward a higher-priced or higher-quality product.
trading up
A shoe company improves cushioning after customers complain. What is the company responding to?
customer feedback/customer needs
The number of different product lines a company carries.
width
Sales increase rapidly, profits rise, and competitors begin entering the market.
growth
A company discovers that its product could seriously injure customers. What ethical action should it take?
Warn customers and correct or recall the product.
Moving customers toward a lower-priced product.
trading down
A company promotes its headphones as affordable and dependable rather than premium. What marketing concept is this?
product positioning
A shoe line offers 12 colors and six sizes. This demonstrates what product-mix concept?
depth
Sales are high, the market is saturated, and competition is intense.
maturity
Protecting customers' personal information is an example of this ethical technology concern.
data privacy/security
A coffee shop encourages customers to switch from a $2.50 regular coffee to a $5.50 premium specialty drink
trading up
Customers like a product's features but say its design looks outdated. What should the product manager do?
Update the design while keeping the features customers value.
Spartan Tech adds gaming keyboards and computer mice to its existing products.
expansion
Sales and profits decrease as customer preferences or technology change.
decline
A cheaper material increases profits but makes a product less safe. What stakeholder should be the company's first concern?
Customers and their safety.
A company introduces a cheaper version of its premium product because customers are becoming more price-sensitive.
trading down
Research shows students want a lightweight, water-resistant backpack with a laptop compartment. What should guide the new product's development?
identified customer needs/market research
A company eliminates a poorly selling line of hats to concentrate on successful shirts and hoodies.
contraction
A mature product faces many similar competitors. Name one strategy marketers could use to keep it competitive.
Differentiate/improve the product, strengthen customer loyalty, adjust promotion, or reposition it.
A company uses AI to recommend products based on browsing history. Name one major ethical issue the company must consider.
customer privacy/responsible use of customer data
An older smartwatch is declining while customers increasingly want health-tracking features. What should the company do?
Use customer research to develop/improve the product and advertise its features accurately.