Product Service Management
Define the term product/service management.
Product Service Management is a marketing function that involves obtaining, developing, maintaining, and improving product service mix in response to market opportunities.
Explain who is responsible for managing products/services.
In larger, more developed companies, there may be a dedicated department for product/service management. In a smaller company, it may be the owner or manager that is in charge of this function. Product Service Management involves activities such as discovering new product opportunities, sustaining existing products, and eliminating products that have become a liability.
Describe the benefits of product/service managing.
Some benefits of product service management is that:
Offers products that customers want to buy, therefor increasing a company's profits.
With new and innovative products, it can expand the amount of customers
When products are well managed there is less of a chance for failure, and a greater chance of success.
Describe the phases of product/service managing.
1. Developing new products:
-This involves looking at the market, and meeting customers needs with the right product
2. Monitoring exsisting products
-Look at customer feedback on current products, making adjustments to keep the product competitive
3. Eliminate weak products
-The products that are not successful in the market, must be eliminated to remove loss in profits
Describe factors affecting product/service managing.
1. Customer needs and wants.
2. Company goals and strategies
3. Cost and available resources
4. Competition
5. Product Itself
6. Government Regulation
7. Stages in Life Cycle
8. Business and Economic Trends
Explain the role product/service management plays in marketing.
Sucessful product service management is intertwined with marketing because it is vital to monitor the market of the product, understand feedback and make adjustments to the product to thrive in the market, and maintain a competitive position
Product Service Management is a marketing function that involves obtaining, developing, maintaining, and improving product service mix in response to market opportunities.
Explain who is responsible for managing products/services.
In larger, more developed companies, there may be a dedicated department for product/service management. In a smaller company, it may be the owner or manager that is in charge of this function. Product Service Management involves activities such as discovering new product opportunities, sustaining existing products, and eliminating products that have become a liability.
Describe the benefits of product/service managing.
Some benefits of product service management is that:
Offers products that customers want to buy, therefor increasing a company's profits.
With new and innovative products, it can expand the amount of customers
When products are well managed there is less of a chance for failure, and a greater chance of success.
Describe the phases of product/service managing.
1. Developing new products:
-This involves looking at the market, and meeting customers needs with the right product
2. Monitoring exsisting products
-Look at customer feedback on current products, making adjustments to keep the product competitive
3. Eliminate weak products
-The products that are not successful in the market, must be eliminated to remove loss in profits
Describe factors affecting product/service managing.
1. Customer needs and wants.
2. Company goals and strategies
3. Cost and available resources
4. Competition
5. Product Itself
6. Government Regulation
7. Stages in Life Cycle
8. Business and Economic Trends
Explain the role product/service management plays in marketing.
Sucessful product service management is intertwined with marketing because it is vital to monitor the market of the product, understand feedback and make adjustments to the product to thrive in the market, and maintain a competitive position