Product Strategies

Question 1

Predominantly TANGIBLE components are categorized as …

Answer 1

goods

Question 2

Predominantly INTANGIBLE components are categorized as …

Answer 2

services

Question 3

Product Life Cycle

Answer 3

Four stages through which a product progresses: introduction, growth, maturity, and decline

Question 4

Product Development Process

Answer 4

A formal process of generating, selecting, developing, and commercializing product ideas

Question 5

What is a product?

Answer 5

any good or service along with perceived attributes and benefits that creates value for customers.

Question 6

What is a product line?

Answer 6

a group of products that are physically similar or intended for similar uses and having similar characteristics.

Question 7

What is a product mix?

Answer 7

all the product lines sold by the company

Question 8

Brand Managers (aka Product Managers or product line managers)

Answer 8

Managers who develop and implement the marketing strategies and programs for specific products or brands

Question 9

A product is identified by 3 main components which are…

Answer 9

1) The brand name, logo, or slogan
2) Brand loyalty
3) Brand Equity: the value of the brand