The process of planning, improving, and/or adding to a firm's product line.

The process of planning, improving, and/or adding to a firm's product line.

• A. Market Research
• B. Product/service Management
• C. Promotion
• D. Pricing

Answer: (B)

Product/service management is the process of planning, improving, and adding to a firm's product line. It involves identifying what customers need, evaluating opportunities, developing new offerings, updating features or packaging, and deciding when to retire products. This function coordinates across design, production, and marketing to ensure the product mix stays aligned with the company’s goals and delivers value over the product’s life cycle. Market research gathers data to inform decisions but isn’t the ongoing management of the entire product lineup. Promotion focuses on communicating value to customers, and pricing concentrates on setting the amount charged.

Product/service management is the process of planning, improving, and adding to a firm's product line. It involves identifying what customers need, evaluating opportunities, developing new offerings, updating features or packaging, and deciding when to retire products. This function coordinates across design, production, and marketing to ensure the product mix stays aligned with the company’s goals and delivers value over the product’s life cycle.

Market research gathers data to inform decisions but isn’t the ongoing management of the entire product lineup. Promotion focuses on communicating value to customers, and pricing concentrates on setting the amount charged.