Which activity is part of product/service management?

Improving a product mix based on market opportunities is a critical activity within product/service management because it involves assessing and adjusting a company's offerings to better meet the needs of the target market. This process includes identifying gaps in the market, understanding consumer preferences, and aligning the product offerings to maximize customer satisfaction and business profitability.

By regularly analyzing market trends and consumer behavior, a company can refine its product mix to include new features, adjustments in the product line, or entirely new products that are more appealing to customers. This proactive approach ensures that the organization remains competitive and responsive to market demands, which is essential for long-term success.

While analyzing competitor prices, conducting market surveys, and advertising to raise awareness are all important aspects of marketing, they do not directly relate to the management and optimization of the product itself. The specific focus on improving the product mix emphasizes the role of product/service management in the overall marketing strategy.