Involvement in Product/Service Management
What is it?Marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to marketing opportunities.
|
Who is responsible?Product manager
Brand manager Project manager Product coordinator Marketing manager Product line manager |
What are the benefits?Finding new product opportunities
Creating new plans & strategies Elongating successful product life Reevaluating unsuccessful products, Eliminating disadvantageous products/services. |
Processes and Factors Affecting Management
The first phase in product/service management is the generation of ideas, where people develop new ideas for potential products. Next, the idea must pass through a screening process by higher up managers to decide whether it is realistic for the company, before tested with the customers to attain market research with their reactions towards it. Afterwards, a feasibility analysis takes place to determine whether it can be a benefit to the company's success. Once it is approved, the product undergoes the development process. Then it is introduced to the customers in physical form to test it again. If all goes well, then it is taken to commercialization to become mass produced.
|
Factors affecting success of Product/Service:
Customers needs & wants Company's goals & strategies Costs & available resources Competition Laws & regulation Product status in product life cycle Economic & political trends |
Consumer Protection and Ethical Consideration
In order to ensure customer protection, agencies such as the Federal Trade Commission and Better Business Bureaus regulate the marketplace. The Federal Trade Commission makes sure that companies properly inform their customers about products and do not engage in unfair practices such as creating monopolies. The Better Business Bureaus publishes reviews about businesses, allowing customers to become more knowledgeable and also to settle disputes between consumers and businesses.
|
Ethics is a huge consideration in products and services. The information that consumers read on the packaging must list the ingredients/content actually found in the product. Also, the packaging must be safe for the consumers to handle along with the responsibility of businesses to minimize excess packaging which contributes to the landfill waste. Planned obsolescence is another factor businesses must consider and inform the customer of so they know how long the product is expected to last.
|