Product Service Management
Product Service Management
Product/Service Management (PSM) is a
marketing function that involves
obtaining, developing, m...
Factors Affecting PSM
1. Customer Needs and Wants
2. Company Goals and Strategies
3. Cost and Available Resources
4. Compe...
Benefits
Offer products consumers want and
company’s profits increase.
When developing the right products, a
company can g...
Role In Marketing
Affects positioning of product
(What image do you want to create about the
product in the minds of consu...
3 Phases of PSM
1. Developing a new product
2. Monitoring existing products
3. Eliminating weak products
Product Life Cycle
The four stages that a product goes
through during its life.
1. Introduction
Increase product awareness
Get the customer’s attention
through promotion
Lots of special promotion
2. Growth
Customers are aware of product, sales
increase
Companies focus on customer
satisfaction
Competition starts from ...
3. Maturity
The product’s sales level off. More
money is spent on competition
during this stage.
4. Decline
Sales start to decline. A company
must decide to alter the product,
discount, or discontinue product.
Product service management
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Product service management

  1. 1. Product Service Management
  2. 2. Product Service Management Product/Service Management (PSM) is a marketing function that involves obtaining, developing, maintaining, and improving a product.
  3. 3. Factors Affecting PSM 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
  4. 4. Benefits 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.
  5. 5. Role In Marketing Affects positioning of product (What image do you want to create about the product in the minds of consumers?) Improves Product Success Gives product an image
  6. 6. 3 Phases of PSM 1. Developing a new product 2. Monitoring existing products 3. Eliminating weak products
  7. 7. Product Life Cycle The four stages that a product goes through during its life.
  8. 8. 1. Introduction Increase product awareness Get the customer’s attention through promotion Lots of special promotion
  9. 9. 2. Growth Customers are aware of product, sales increase Companies focus on customer satisfaction Competition starts from other companies
  10. 10. 3. Maturity The product’s sales level off. More money is spent on competition during this stage.
  11. 11. 4. Decline Sales start to decline. A company must decide to alter the product, discount, or discontinue product.
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