2. 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 chicken
sandwich at Chick-fil-a
4. 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
5. 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
6. 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
7. 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 Management
1. Developing New Products
2. Monitoring Existing Products
- Sales, Profit, Market Share
3. Eliminate Weak Products
