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: 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? 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