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3.01 A -Product/Service Management

Discover the crucial aspects of Product/Service Management and its impact on marketing. Learn about factors affecting management, benefits, and the phases involved in successful product development. Dive into customer needs, company goals, competition, and more.

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3.01 A -Product/Service Management

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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 6 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: • 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

  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

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