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 chickensandwich 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 andcompany’s profits increase-When developing the rightproducts, acompany 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 success3. 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 Products2. Monitoring Existing Products - Sales, Profit, Market Share3. Eliminate Weak Products