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: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?

1. 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