3.01 A -Product/Service
Management
Intro
• Who is responsible for the last product you bought?
• Did you know…..
-It took over 3 years to develop Google’s search engine
-It took over 4 years to develop the famous chicken
sandwich at Chick-fil-a
Product/Service Management
• Product/Service Management is a
marketing function that involves
obtaining, developing, maintaining, and
improving a product.
Product/Service Management
• Factors affecting Product/Service Management:
1.
2.
3.
4.
5.
6.
7.
8.
Customer Needs and Wants
Company Goals and Strategies
Cost and Available Resources
Competition
Product Itself
Government Regulation
Stages in Life Cycle
Business and Economic Trends
Product/Service Management
• What are Benefits to Product/Service
Management?
-Offer products consumers want and
company’s profits increase
-When developing the right
products, a
company can gain new customers
-When products are well managed
there is less of a chance for failure
Product/Service Management
• What role does Product/Service Management
play in Marketing?
1. Affects positioning of product
-what image do you want to create about the product in the
minds of consumers?
2. Improves product success
3. Gives product an image
-what impressions do you have
of certain brands
Product/Service Management
• Who is responsible for managing product/service
management?
-Several employees of a company, certain departments, 1 employee
or just the boss. Normally depends on size of company.
• 3 Main Phases of Product/Service Management
1. Developing New Products
2. Monitoring Existing Products
- Sales, Profit, Market Share
3. Eliminate Weak Products
Sources
• Marketing Essentials
MBA-LAPS-PM-017-SP