Product/Service Management
What is product/service management?
Making or improving products to meet customer needs.
What does pricing mean?
Deciding how much to charge for a product.
What does channel management mean?
Getting the product to the customer.
What is promotion?
Telling people about a product to get them interested.
What is selling?
Helping customers buy what they need.
Why do businesses change their products?
To keep customers happy and stay competitive.
Why does pricing matter?
It affects profit and if people want to buy it.
What is a channel of distribution?
The path a product takes to reach the buyer.
What are the 3 goals of promotion?
Inform, persuade, and remind.
Why is selling important?
It brings in money for the business.
What is the first stage of the product life cycle?
Introduction.
What happens if a price is too high?
Customers won’t buy it.
What is a direct channel?
Selling straight to the customer.
Name one type of promotion.
Advertising, sales, PR, personal selling, or direct marketing.
What is customer service?
How a business treats and helps customers.
What happens in the “growth” stage?
More people start buying the product.
What happens if a price is too low?
The business won’t make money.
What is an indirect channel?
Using middlemen like stores or distributors.
What is a slogan?
A short, catchy phrase (like “Just Do It”).
Give one example of good customer service.
Being polite, listening, and helping quickly.
Give one example of a product that changes every year.
iPhone, Nike shoes, or a video game.
Name one thing businesses think about when setting a price.
Cost, competition, or customer demand.
Name one company with great distribution.
Amazon or Nike.
Why do businesses use different platforms?
To reach their target audience.
What can bad customer service do?
Make customers leave or write bad reviews.