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:
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

8. Sources
Marketing Essentials
MBA-LAPS-PM-017-SP