Product Management
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Course Introduction
Product Management is a comprehensive course designed to introduce students to the key concepts, methodologies, and best practices involved in creating and managing successful products throughout their life cycles. The course covers the fundamental roles and responsibilities of product managers, including market research, customer discovery, product strategy, roadmap development, cross-functional team leadership, and go-to-market planning. Through real-world case studies, hands-on projects, and industry guest lectures, students will develop practical skills in prioritizing features, managing product backlogs, evaluating metrics, and iterating based on user feedback, preparing them for dynamic roles in technology, consumer goods, or service industries.
Recommended Textbook Marketing Management 13th Edition by Phil Kotler
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Chapter 1: Defining Marketing for the 21st Century
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Q1) We can distinguish among five types of customer needs.List and provide an example of each of those customer needs.
Answer: The five types of customer needs are (note the example from the text): (1)stated needs-the customer wants an inexpensive car,(2)real needs-the customer wants a car whose operating cost,not its initial price,is low,(3)unstated needs-the customer expects good service from the dealer,(4)delight needs-the customer would like the dealer to include an onboard navigation system,and (5)secret needs-the customer wants to be seen by friends as a savvy consumer.
Q2) Assume that you have been given the task of assisting a company in designing its marketing planning process.What components should be in such a process Be specific in your answer.
Answer: The marketing planning process consists of analyzing marketing opportunities,selecting target markets,designing strategies,developing marketing programs,and managing the marketing effort.Students might also review Figure 1.6 for additional information.
Q3) The marketing concept stresses a customer-centered approach to marketing. A)True
B)False
Answer: True
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Chapter 2: Developing Marketing Strategies and Plans
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Sample Questions
Q1) Holistic marketers achieve profitable growth by expanding customer share,________,and capturing customer lifetime value.
A) undermining competitive competencies
B) building customer loyalty
C) milking the market for product desires
D) renewing a customer base
E) inspecting all market share data
Answer: B
Q2) If you were the CEO of a company that was looking to implement strategies to fill a perceived strategic-planning gap,you would most likely explore ________ growth first because it is easier to improve an existing business than to build a new one.
A) intensive
B) integrative
C) diversification
D) conglomerate
E) concentric
Answer: A
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Page 4
Chapter 3: Gathering Information and Scanning the Environment
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Sample Questions
Q1) The ________ household consists of a husband,wife,and children (and sometimes grandparents).
A) "traditional"
B) "extended"
C) "diversity"
D) "modern"
E) "revised"
Answer: A
Q2) Assume that you are a marketing manager for a youth clothing manufacturer that has just read about the megatrend of the "rising Hispanic influence" in the United States.Explain this megatrend and indicate why it might be important to your company and industry.
Answer: Although Hispanic households represented only 11% of U.S.households in 2000,they made up half of all new workers in the past decade.Hispanic disposable income has risen twice as fast as that of the rest of the population.By some estimates,this is the fastest growing and most influential consumer group.Students should indicate how they might use such information.
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Chapter 4: Conducting Marketing Research and Forecasting Demand
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Sample Questions
Q1) The main drawback to the ________ is that the interviews must be short and not too personal.
A) mail questionnaire
B) personal interview
C) online interview
D) secondary interview
E) telephone interview
Q2) "What does the Coca-Cola name mean to you" would be an illustration of a question that might be used in a projective technique.
A)True
B)False
Q3) The most scientifically valid research is focus-group research.
A)True
B)False
Q4) A target market is the set of consumers who profess a sufficient level of interest in a market offer.
A)True
B)False
Q6) What are the six steps in the marketing research process Page 6
Q5) Explain what qualitative research is and why it might be useful to marketers.
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Page 7
Chapter 5: Creating Customer Value, Satisfaction, and Loyalty
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Q1) According to information provided in the text,what are the four main perils of CRM
Q2) According to GE's former chairman,John F.Welch Jr.,"________ is our best assurance of customer allegiance,our strongest defense against foreign competition,and the only path to sustained growth and earnings."
A) Quality
B) Customer satisfaction
C) True value
D) Sustainable enterprise
E) Motivation
Q3) Phil Langston has just ordered a number of expensive executive gifts that he will be sending as an appreciation token to a select few customers from his client database.In which of the following ways is Mr.Langston most likely using his database
A) To identify prospects
B) To decide which customers should receive a new sales offer
C) To deepen customer loyalty
D) To avoid serious customer mistakes
E) To beat the competition to a sale
Q4) Give an example of a "branded customer experience."
Page 8
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Chapter 6: Analyzing Consumer Markets
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Sample Questions
Q1) Consumption may be shaped by ________ (such as marriage,childbirth,or divorce).
A) the psychological life cycle
B) the product life cycle
C) the life/death life cycle
D) postpuberty cycles
E) critical life events or transitions
Q2) Brand associations consist of all the brand-related thoughts,feelings,perceptions,images,experiences,beliefs,attitudes,and so on that become linked to the brand ________.
A) stimulus
B) link
C) connection
D) personality
E) node
Q3) Selective attention is the tendency to interpret information in a way that will fit our preconceptions.
A)True
B)False
Q4) Explain the differences between a belief and an attitude.
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Q5) Explain the differences between culture,subculture,and social class.
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Chapter 7: Analyzing Business Markets
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Q1) If Ampex Support Systems is the single supplier for a local manufacturing company's MRO (maintenance,repair,operating)supplies and needs,Ampex Support Systems is considered as providing ________ for the manufacturer.
A) systems buying
B) purchasing support
C) turnkey logistics
D) decision support
E) systems contracting
Q2) Users perform all seven roles in the buying center because of their direct tie to the product and what it is supposed to do.
A)True
B)False
Q3) The business market is essentially the same thing as the consumer market. A)True
B)False
Q4) Systems selling is a key industrial marketing strategy in bidding to build large-scale industrial projects such as dams or pipelines.
A)True
B)False
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Chapter 8: Identifying Market Segments and Targets
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Sample Questions
Q1) With respect to loyalty status,if a consumer is loyal to two or three brands,he or she is called shifting loyal.
A)True
B)False
Q2) Illustrations of personality segmentation would include culture-oriented,sports-centered,or outdoor-oriented subsegments.
A)True
B)False
Q3) When a symphony orchestra targets people who have broad cultural interests,rather than only those who regularly attend concerts,the orchestra is targeting
A) market mavens
B) strategic segments
C) supersegments
D) occasion segments
E) psychodemographic segments
Q4) A new trend in marketing is toward customerization.Describe what customerization is and how marketers are using it.
Q5) What is customer cloning and how is it used
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Chapter 9: Creating Brand Equity
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Sample Questions
Q1) At the heart of a successful brand is ________,backed by creatively designed and executed marketing.
A) price
B) promotion
C) a great product or service
D) a great slogan
E) a brand concept
Q2) Customers can now buy Jeep strollers and apparel,which are not manufactured by Jeep,but are instances where Jeep has received payment from the manufacturers of these products to use Jeep's brand name.These items are considered ________.
A) licensed products
B) family products
C) line extensions
D) brand extensions
E) subbrands
Q3) Volvo has a strong brand association with respect to brand knowledge when consumers perceive it as a very safe care (safety).Explain the concept of brand knowledge.
Q4) Describe the role of brands from a customer perspective.
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Chapter 10: Crafting the Brand Positioning
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Sample Questions
Q1) A good advertising strategy to use in the maturity stage of the product life cycle would be to stress brand differences and benefits.
A)True
B)False
Q2) How might a company address consumers' desires to maximize two negatively correlated attributes or benefits
Q3) Assume that you are the marketing manager for a large appliance manufacturer.You have had five quarters of rapid sales growth and would like to prolong the eventual downturn that always follows periods of high growth for as long as possible.You also know that any one of six strategies for sustaining rapid market growth can be used to achieve your objective.What are the six generally accepted strategies for sustaining rapid growth in a market from which you will make your choice answer: The firm uses several strategies to sustain rapid market growth,and they are: (1)improves product quality and adds new product features and improved styling; (2)adds new models and flanker products; (3)enters new market segments; (4)increases its distribution coverage and enters new distribution channels; (5)shifts from product-awareness advertising to product-preference advertising; or (6)lowers prices to attract the next layer of price-sensitive buyers.
Q4) With respect to positioning,explain points-of-parity and points-of-difference.
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Chapter 11: Dealing with Competition
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Q1) Market leaders are constantly under attack from large and small competitors alike.What is the most constructive response a market leader can make when defending its terrain
A) Basic cost control
B) Expanding expected benefits
C) Expanding desired benefits
D) Meet all challengers with a swift response
E) Continuous innovation
Q2) As a market follower strategy,the ________ copies some things from the leader but maintains differentiation in terms of packaging,advertising,pricing,or location.This strategy is tolerated by the market leader as long as the follower's aggressiveness does not mount.
A) counterfeiter
B) cloner
C) imitator
D) adapter
E) innovator
Q3) Describe the characteristics of an industry in which competitive rivalry and price cutting are most intense.
Q4) How should a company deal with customers who are neither vulnerable nor valuable To
Chapter 12: Setting Product Strategy
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Q1) When Jack bought his new laptop,he also bought a laptop bag and a spare power cord through the same retailer.These items are considered to be ________.
A) core products
B) staples
C) convenience items
D) specialties
E) emergency items
Q2) Every company's product line covers a certain part of the total possible range of products and consumer levels.
A)True
B)False
Q3) You know that your small firm cannot compete with the "big boys" in terms of price and promotion.Instead,you have decided to "outdesign" them.What is necessary for this strategy of "outdesigning them" to succeed
Q4) Supplies can be classified as two kinds: maintenance and repair items and operating supplies.
A)True
B)False
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Chapter 13: Designing and Managing Services
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Sample Questions
Q1) A service company can differentiate itself by designing a better and faster delivery system.
A)True
B)False
Q2) As a newly hired marketing associate,you have asked your boss if the firm has service-quality specifications spelled out for ensuring exceptional customer service.His answer is "no,we all know what the consumer expects; after all,we have been doing this for over 30 years." Recalling your marketing management services marketing chapter,you identify this attitude as a factor leading to the creation of what gap in the service-quality model
Q3) Clients judge the service outcome not only by its ________ but also by its functional quality.
A) length of time
B) price
C) attributes
D) completeness
E) technical quality
Q4) An example of a pure service provider might be a car repair facility.
A)True
B)False
Page 16
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Chapter 14: Developing Pricing Strategies and Programs
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Q1) ________ occurs when a company sells a product or service at two or more prices that do not reflect a proportional difference in costs.
A) Psychological pricing
B) Loss-leader pricing
C) Product-form pricing
D) Customer-segment pricing
E) Price discrimination
Q2) Predatory pricing-selling below cost with the intention of destroying competition-is legal under certain conditions.
A)True
B)False
Q3) A firm must consider many factors in setting its pricing policy.We list these as a six-step process.Which of the following is NOT one of these steps
A) Determining demand
B) Selecting the pricing objective
C) Researching reference prices in the target market
D) Selecting the final price
E) Selecting a pricing method
Q4) What is experience-curve pricing and what risks does it carry
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Chapter 15: Designing and Managing Integrated Marketing
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Q1) The reverse-flow channels are not important except in the cases of recycling,refurbishing,and disposal.
A)True
B)False
Q2) ________ are existing companies that have added an online site for information and/or e-commerce.
A) Store locations
B) Brick-and-click firms
C) Brick-and-mortar firms
D) Pure-click firms
E) None of the above
Q3) ________ deals between suppliers and retailers,such as Disney's Consumer Products deal with Wal-Mart,are becoming a mainstay for specialists looking for an edge in a business world that is increasingly driven by price.
A) Exclusive
B) Selective
C) Intensive
D) Blanket
E) None of the above
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Chapter 16: Managing Retailing, Wholesaling, and Logistics
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Q1) Wholesaler-distributors have faced mounting pressure in recent years.They have had to develop appropriate strategic responses.One major drive has been to increase ________ productivity by managing their inventories and receivables better.
A) product assortment
B) buying practices
C) personnel
D) asset
E) products
Q2) In your restaurant you offer a wide variety of dishes and are open for breakfast,lunch,and dinner.In terms of product assortment,you can claim that your restaurant has a product assortment that has ________.
A) a narrow focus and narrow target market
B) appeal to all consumers
C) location and variety
D) variety and long hours
E) breadth and depth
Q3) Private-label merchandise is also known as store,house,or distributor brands.
A)True
B)False
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Chapter 17: Designing and Managing Integrated Marketing Communications
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Q1) Companies must consider several factors in developing their communications mix: the type of product market,consumer readiness to make a purchase,and stage in the product's life cycle.Also important is the company's market rank.
A)True
B)False
Q2) When a communications director presents senior management with such things as press clipping counts,the number of ads placed,media costs,and such,he is supplying
A) feedback
B) revenues
C) outcomes
D) inputs
E) outputs and expenses
Q3) Your sales force is efficient and effective.What are the four contributions that an effective sales force can make to the marketing communications mix
Q4) Advertising can be used to build up a long-term image for a product or trigger quick sales.
A)True
B)False
Page 20
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Chapter 18: Managing Mass Communications:
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Q1) One of the limitations of newspapers is their short life span.
A)True
B)False
Q2) In considering when and how to use MPR,management must establish the marketing objectives,choose the PR messages and vehicles,implement the plan carefully,and evaluate the results.To accomplish this,MPR has a number of "tools" at its disposal.List the major tools of effective MPR.
Q3) Developing successful sponsored events involves choosing the appropriate events; designing the optimal sponsorship program for the event; and managing the event dynamics properly.
A)True
B)False
Q4) From a brand-building perspective,television advertising has two particularly important strengths.List and briefly explain these strengths.
Q5) In choosing media,the advertiser faces both a macroscheduling and a microscheduling problem.
A)True
B)False
Q6) Explain the concept of "frequency."
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Chapter 19: Managing Personal Communications:
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Q1) Outbound telemarketing centers initiate calls to prospects and customers.
A)True
B)False
Q2) At the heart of a successful sales force is the selection of effective representatives.One survey revealed that the top 27% of the sales force brought in ________ of all sales.
A) 60%
B) 20%
C) 80%
D) 52%
E) 45%
Q3) Consumers are besieged by e-mails,and many employ spam filters.List four guidelines for crafting productive e-mail campaigns.
Q4) The average click-through for paid-search ads is much higher than for comparable online ads.
A)True
B)False
Q5) The company's best prospects are customers who have never bought its products. A)True
B)False
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Chapter 20: Introducing New Market Offerings
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Q1) Truly innovative firms must strongly condemn and punish failure within their product development organizations.
A)True
B)False
Q2) Your father-in-law still refuses to buy a DVD player.His rationale is that he still has a BetaMax VCR recorder in the basement that represents old technology.You inform him that videotape is an outdated technology and soon their will be no video tapes for rental or purchase.Based upon the factors influencing the adoption process,your father-in-law can be best described as a(n)________.
A) innovator
B) early adopters
C) member of the early majority
D) member of the late majority
E) laggard
Q3) The traditional system of new-product cocreation with consumers is giving way to a more company-centric approach to product innovation.
A)True
B)False
Q4) Differentiate between a product idea and a product concept.
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Chapter 21: Tapping into Global Markets
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Q1) Once a company decides to target a particular country,it must determine the best mode of entry.Its broad choices are indirect exporting,direct exporting,licensing,joint ventures,and direct investment.
A)True
B)False
Q2) A company can carry on direct exporting in several ways.These include domesticbased export department or division,overseas sales branch or subsidiary,traveling export sales representatives,and ________.
A) foreign-based distributors or agents
B) marketing departments based in the foreign country
C) export merchants in foreign countries
D) export management companies
E) none of the above
Q3) Straight extension means introducing the product in the foreign market without any changes to the brand.
A)True
B)False
Q4) Discuss three advantages of standardizing the marketing mix worldwide.
Q5) How do multinationals try to prevent gray markets
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Chapter 22: Managing a Holistic Marketing Organization
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Q1) Modern marketing departments may be organized in a number of different,sometimes overlapping ways by ________.
A) function, brand, product group, customer, or matrix
B) design, brand, product, territory, or matrix
C) matrix, brand, function, geography, or customer
D) customer, brand, geography, or territory
E) function, geography, product or brand, market, or matrix
Q2) When customers fall into different user groups with distinct buying preferences and practices,a ________ is desirable.
A) market-management organization
B) product-management organization
C) brand-management organization
D) BAMT organization
E) flattened organization
Q3) Internal marketing requires that everyone in the organization buy into the concepts and goals of marketing and engage in choosing,providing,and communicating customer value.
A)True
B)False
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