Product/Service Management Objectives 4.03 and 4.04.

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Presentation transcript:

Product/Service Management Objectives 4.03 and 4.04

Product management  Means… –Obtaining –Developing –Maintaining –Improving  …products in response to market opportunities.  Helps businesses stay competitive.

Product Vs Service  Product is tangible.  Service is intangible.  Pure Service does not include tangible product.

Test Marketing  Introduce a product in limited areas for limited time.

Determining Product Mix  Unique image  Size of target market  Maintain consistency – not too many different products

Expanding the Product Mix  Expand by buying another company.  Focus on few products rather than a wide selection.  Appeal to more markets with wide variety of options.  Line Extension = related items  Brand extension = Ex: Coke adding caffeine-free diet Coke