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Product/service Management

Product/service Management. Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs. Pricing.

kermit-cameron
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Product/service Management

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  1. Product/service Management • Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs.

  2. Pricing • Determining a value to charge for products. It is important to consider what competitors are charging and the amount customers are willing and able to pay. • For example, when deciding what price to charge for their latest athletic shoe, Nike must take into consideration the cost of producing, promoting, and distributing the shoe.

  3. Marketing-Information Management • Gathering information (such as customer buying habits, prices customers are willing to pay for products, or test marketing potential new products), analyzing information, and utilizing information for use in making marketing decisions. • Questionnaires and Surveys • Data Mining • Product movement

  4. Selling • Determining and responding to customer’s wants and needs through personalized communication. It is intended to influence purchase decisions and increase customer satisfaction. • For example, at The Limited, Taylor searchers for a birthday present for her sister, when Gwen (a sales associate) asks if she could help her find the correct size.

  5. Promotion • Communication used to inform, persuade, or remind customers about a business’s products. The most common form of promotion is advertising. • For example, McDonalds decides to broadcast a 30 second television commercial during the Super Bowl.

  6. Distribution • The transporting, storing, and handling of goods on their way from the manufacturer to the consumer. • Planning, implementing, and controlling goods.

  7. Channel Management • Channel Management (logistics) is overseeing the distribution process (movement of product/services from producer to consumer).

  8. Financing • Acquiring the money for starting and running a business. Business loans for upstart money, cash flow issues, or new business ventures.

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