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Efficient Product/Service Management Strategies

Learn about product life cycles, management responsibilities, and ethical considerations in marketing. Discover the impact of technology on product/service management. Enhance your knowledge on factors affecting product development and successful marketing practices.

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Efficient Product/Service Management Strategies

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  1. 3.01-A Product/Service Management

  2. 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

  3. Product/Service Management • Product/Service Management is a marketing function that involves obtaining, developing, maintaining, and improving a product.

  4. Product/Service Management • Factors affecting Product/Service Management: 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

  5. 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

  6. Product/Service Management • What role does Product/Service Management play in Marketing? • 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

  7. 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

  8. 3.01-B Product Life Cycles

  9. Intro • What is a product that has been around for as long as you can remember? • How has it changed over the years? • Example: Purina Cat Chow- offers food for fat cats, hairball cats, indoor cats, kittens, old cats, and cats with kidney problems.

  10. Product Life Cycle 1. Introduction 2. Growth 3. Maturity 4. Decline Product Life Cycle represents the stages that a product goes through during its life. There are 4 Stages of Life Cycle:

  11. Product Life Cycle • To increase product awareness • Get the customer’s attention thru promotion • Lots of special promotion • During Growth Stage: • Customers are aware of product, sales increase • Companies focus on customer satisfaction • Competition starts from other companies • What are the goals of the Introduction Stage?

  12. Product Life Cycle • What happens during Maturity Stage? • The product’s sales level off. More money is spent on competition during this stage.

  13. Product Life Cycle • During the Decline Stage: • Sales start to decline. A company must decide to alter the product, discount, or discontinue product.

  14. 3.01-C Technology in Product/Service Management

  15. Technology in Product/Service Management 1. Point-of-Sale Systems 2. Interactive Touch Screen Computer 3. Interactive TV 4. Customer Relationship Management 5. Enterprise Resource Planning Systems 6. Internet Applications of Technology in Marketing:

  16. Technology in Product/Service Management • Scanners at cash registers, touch screens, hand-held devices at • checkout • Interactive Touch Screen Computers • Example: Kiosks • Interactive TV • Where TV is like a computer- order movies, click on Ragu for • recipes, order food Point of Sale System

  17. Technology in Product/Service Management • A customer can track an order. The CRM or business can track • customer satisfaction • ERP- Enterprise Resource Planning • Software that allows all parts of the company’s management to be • integrated • Internet • Wi-Fi • Search Engines • E-mail • E-commerce CRM- Customer Relationship Management

  18. Technology in Product/Service Management • This database analysis helps see the • customer’s reaction to products • They are testing Interactive TV for promotion Interactive TV helps marketers to develop a database of their uses

  19. 3.01-D Ethical Considerations in Product Packaging

  20. Ethical Considerations in Product Packaging Business Ethics in Product/Service Management

  21. Ethical Considerations in Product Packaging Answer: Create a good impression Help sell product Communicate benefits • Concerns for Product Packaging? Product Safety- Glass now plastic Tamper-resistant packages Airtight containers for foods Wasteful packaging Switching for spray cans and pumps Why do you think companies package and label their products?

  22. Ethical Considerations in Product Packaging 1. Must have name of manufacturer 2. Quantity of contents 3. Nutritional info 4. Health claims are the same on all products; light, fat free, etc. 5. Warnings on products like alcohol and cigarettes 6. How to care for clothes Product labeling must inform customers about a product’s contents and give directions for use.

  23. Ethical Considerations in Product Packaging In order for a product be labeled “recycled” it must show proof that it is composed of a certain amount of scraps/recycled materials. For a food to be labeled “organic” it must meet certain standards.

  24. Ethical Considerations in Product Packaging • Company can get sued (the company becomes liable) • Harm to customer • What is Planned Obsolescence? • Making products that are known to not last long, or change, so that people will need to replace them • Example: Cell phones are always coming out with newer functions and it makes consumers want to purchase the new and improved cell phones What happens when a company fails to inform customers about product risks?

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