Product service management

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  • 1. Product Service Management
  • 2. Product Service Management Product/Service Management (PSM) is a marketing function that involves obtaining, developing, maintaining, and improving a product.
  • 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. 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. 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. 3 Phases of PSM 1. Developing a new product 2. Monitoring existing products 3. Eliminating weak products
  • 7. Product Life Cycle The four stages that a product goes through during its life.
  • 8. 1. Introduction Increase product awareness Get the customer’s attention through promotion Lots of special promotion
  • 9. 2. Growth Customers are aware of product, sales increase Companies focus on customer satisfaction Competition starts from other companies
  • 10. 3. Maturity The product’s sales level off. More money is spent on competition during this stage.
  • 11. 4. Decline Sales start to decline. A company must decide to alter the product, discount, or discontinue product.