Product and Services Management
Till now, we have considered how product management is done in companies that have different product lines and brands.
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Now, in this article, we would consider whether the term service product management or the process of managing the entire lifecycle of services is an oxymoron or is indeed a concept that is realistic and feasible. Take for instance, personal relationship management in banks and investment houses. Most of us would have had the experience of dealing with our personal banker or investment advisor who typically handles all our concerns and issues and directs us towards new products and services.
Since banks and financial institutions fall under the category of service sector companies, it is fair to conclude that this aspect of service management is indeed service product management.
- Product/Service Management. What are the three phases of Product/Service Management?.
- Product Service Management.
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The first stage of a service product management is the ideation or the idea generation stage where the product manager in the Services Company has to pitch in for new products and services aimed at customers. Depending on the market segments covered and the different niches that are targeted, the new services are launched after extensive market research regarding their feasibility and acceptability among consumers belonging to these market segments.
The point here is that service product management is as intensive as pure play product management and entails the same stages and phases in the lifecycle of the service. Of course, the important difference is that unlike in product management that deals with physical products, the service managers often deal in intangibles and notional values of services as opposed to fixed concepts in product management.
The other aspect of service product management is the personal relationship part where the personal banker or the relationship manager has to manage the relationship given the fact that the product here is the actual service and not a physical asset. This is important from the point of view of the service manager since personal relationships form the basis for service product management and are the cornerstones of service product management.
Offering consumers greater value, either by means of lower prices or 2. Will customers pay the higher price at your business because your service is better? PositioningPurpose of PositioningThe purpose of positioning is to make yourproduct or service stand out in a crowd. Examples of PositioningPositioning I might drive by 3 gas stations to buy gas because I get better gas mileage on the gas at that station.
The product makes me continue to go there. Clothes might be more expensive at this store, they offer free alterations, gift wrapping, and easy returns. I will pay the extra price for the service. I love coupons.
Develop and manage products and services that connect with customers
If not, how are our competitors positioned? If not, we must find an unoccupied position in the market that the target market cares about. For example, Krispy Kreme doughnuts were originally available to consumers only at Krispy Kreme bakeries. While that decision radically increased sales potential by www. What needs does it satisfy?
A specialist boutique or in a If supermarket, or both? Or online?
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Or direct, via a catalogue? Or attend trade fairs? Or make Do online submissions?
Or send samples to catalogue companies? Would you pay more for someone to pump your gas and clean your windshield??
- Resolve customer issues quickly with end-to-end field service management.
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Will a small decrease in price gain Is you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin? How far will you drive to fine the best price!! By using direct mail? Through PR? On the Internet? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
And how does that influence your choice of promotional activity? When a business offers a service that saves time for a customer, it is hoping to attract more customers thus increasing their profits. Examples of convenience Source: www.
Develop new products and services
If a business that emphasizes a products environmental friendliness is positioning the product by focusing on attributes or features of a product. The products is being positioned based on its quality. Customers will sometimes pay more for quality. When a company emphasizes the advantages of its product over a competitors, it is positioning the product based advantages. Source: gadgetcage. You just clipped your first slide!