ENTREPRENEURSHIP I

Ind. 4.03 – Acquire a foundational knowledge of

product/service management to understand its scope and nature.

Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

Product/Service Management

Improved sales and profitsImproved market share and

competitivenessNew customersLess exposure to financial risk

Benefits of Successful Product/Service Management

1) Develop New Products2) Monitor Existing Products3) Eliminate Weak Products (aka Product

Discontinuation)

Phases of Product/Service Management

Factors that affect Product/Service ManagementCustomer needs and

wantsCompany goals and

strategiesCosts and available

resourcesCompetitionThe product itselfGovernment regulationsStage in the product life

cycle (introduction, growth, maturity, and decline)

Role of Product/Service Management in MarketingPositioning – the

strategy in which a business creates a certain image or impression of a product in the mind of the customer.

Gives the product an image

Products can be either a good or a service…..

Goods are tangible objects that can be manufactured & produced for resale.

Products

Products can be either a good or a service…..

Services are intangible activities performed by other people in exchange for payment.

TWO TYPES:Product-related: the

service is attached to some sort of tangible good (ie. Cell phone & service)

Pure: the service is not attached to any tangible goodThe service itself is the

business’s primary product (i.e banks)

Products

Identify a product that is similar to the good or service that you plan to offer/provide. Conduct research on the product, and complete the answers to the following questions:

a. What is the product that you chose to research? b. Is the product a good or a service? c. If the product is a service, is it a product-related service or a

pure service? d. What factors affect product/service management for this

particular product? e. What information can you learn about how this product was

developed? Where did the company obtain it? How long did development take? How much did it cost? How long has it been on the market?

f. How is this product performing currently? If you were its product/service manager, what changes, if any, would you make?

Assignment