Monday, September 10th Warm up – New Unit – Product Service Management Review Thursday and Friday’s work Questions New Unit – Product Service Management Slide Show/Notes Activity Wednesday – Quiz on Objs 1.01 and 1.02
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. 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
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? 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
Activity Consumers are demanding more eco friendly products that are safe for the environment. Choose a company that interests you, describe one of their products then suggest ways that it could be changed to be eco friendly.
Sources Marketing Essentials MBA-LAPS-PM-017-SP