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 6 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 Wants2. Company Goals and Strategies 3. Cost and Available Resources4. Competition5. Product Itself6. Government Regulation7. Stages in Life Cycle8. 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 Management1. Developing New Products

2. Monitoring Existing Products - Sales, Profit, Market Share

3. Eliminate Weak Products