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3.01 Product/Service Management

3.01 Product/Service Management

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3.01 Product/Service Management

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  1. 3.01 Product/Service Management

  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

  3. Product/Service Management • Product/Service Management is a marketing function that involves obtaining, developing, ____________, and ___________ a product.

  4. Product/Service Management Factors affecting Product/Service Management: • Customer Needs and Wants • Company Goals and Strategies • Cost and Available Resources • Competition • Product Itself • Government Regulation • Stages in Life Cycle • 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? • 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. __________ New Products 2. Monitoring Existing Products - Sales, Profit, Market Share 3. Eliminate Weak Products

  8. Now let’s see if you got it… • Get into assigned groups. • Think of a product that needs to be improved, redesign the package, reposition the product, etc. • Create a new ideas for the product; draw a sample picture and be ready to present to class.

  9. Critical Thinking???? • What is a product that has been around for as long as you can remember? • How has it changed over the years?

  10. Product Life Cycle • Product Life Cycle represents the stages that a product goes through during its life. • Company needs to know what cycle they’re in order to adapt its marketing strategies to the product. • There are 4 Stages of Life Cycle: 1. Introduction 2. Growth 3. Maturity 4. Decline

  11. What Product Life Cycle? • Get w/ your 5 o’clock • What stage do you think the following products are in & why? - Introduction - Growth - Maturity - Decline • Hand written letter • Check books • Refrigerator • E-conferencing • Internet • Personal Computers • Decline • Decline • Maturity • Introduction • Growth • Maturity

  12. Product Life Cycle What are the goals of the Introduction Stage? • To increase product awareness • Get the customer’s attention through promotion • Lots of special promotion During Growth Stage: • Customers are aware of product, sales increase • Companies focus on customer satisfaction • Competition starts from other companies

  13. Product Life Cycle What happens during Maturity Stage? • The product’s sales level off. More money is spent on competition during this stage. What’s an example of a mature product? • During the Decline Stage: • Sales start to decline. A company must • decide to alter the product, discount, or • discontinue product.

  14. Which Product Life Cycle? • Sales increase as consumers are aware of the product’s existence. • Growth • Sales have fallen to a very low level and the product is becoming unprofitable • Decline • Intense competition in the marketplace • Maturity • The product should be withdrawn from the market • Decline

  15. Which Product Life Cycle? • Competition increases for company/product • Growth • The product is launched into the market and sales are slow at the beginning • Introduction • The product is established in the market, sales are high • Maturity • Products are still making a loss as sales are not yet high enough to cover expenses • Introduction

  16. REVIEW Get with your 1 o’clock appointment Think of a product that has been around as long as you can remember? You can not choose Ipods/ipads(anything in that family), coke, or pepsi Write down the 4 stages of the life cycle. Write down how it changed over the years for each of the 4 stages. If you believe it has not yet reached the stage, predict what you think the future holds for the product when it does hit this stage – what could be done?

  17. Technology in Product/Service Management Applications of Technology in Marketing: 1. Point-of-Sale Systems • Scanners at cash registers, touch screens, • hand-held devices at checkout 2. Interactive Touch Screen Computer • Example: Kiosks

  18. Technology in Product/Service Management Continued • 3. Interactive TV • 4. Customer Relationship Management • Where TV is like a computer- • order movies, click on Ragu for • recipes, order food • A customer can track an order. • The CRM or business can track • customer satisfaction/visitors on • websites

  19. Technology in Product/Service Management Continued 5. Enterprise Resource Planning Systems • Software that allows all parts of the company’s • management to be integrated

  20. Technology in Product/Service Management Continued 6. Internet • Wi-Fi • Search Engines • E-mail • E-commerce

  21. Technology in Product/Service Management • Interactive TV helps marketers to develop a database of their uses • This database analysis helps see the • customer’s reaction to products • They are testing Interactive TV for promotion • Mass customization: technologically • advanced method that allows businesses • to produce products that are specialized • for a very few customers

  22. Now you design some Technology! • In the assigned groups select a store & design a touch screen computer interface for an in store kiosk. • Write down: 1) What questions should be asked? 2) What data/ information should be collected? • Think about: • How could the company use the information? • What information does the company need to save about the transactions? • What information does the company need to save about the customers?

  23. Example of interactive computer/kiosk

  24. Ethical Considerations in Product Packaging • Business Ethics in Product/Service Management

  25. Ethical Considerations in Product Packaging • Why do you think companies package and label their products? Answer: Create a good impression Help sell product Communicate benefits • Concerns for Product Packaging? Product Safety- Glass now plastic Tamper-resistant packages Airtight containers for foods Wasteful packaging Switching for spray cans and pumps

  26. Ethical Considerations in Product Packaging • Product labeling must inform customers about a product’s contents and give directions for use. 1. Must have name of manufactures 2. Quantity of contents 3. Nutritional Information 4. Health claims are the same on all products; light, fat free, etc. 5. Warnings on products like alcohol and cigarettes 6. How to care for clothes

  27. Ethical Considerations in Product Packaging • In order for a product to say recycled it must show proof that it is retrieved a certain amount of scraps. • For a food to be organic it must meet certain standards

  28. Ethical Considerations in Product Packaging • What happens when a company fails to inform customers about product risks? • Company can get sued • Harm to customer • What is Planned Obsolescence? • Making products that are known to not last long, or change, so that people will need to replace them • Example: Cell phones are always coming out with newer functions and it makes consumers want to purchase the new and improved cell phone

  29. Gum Project • Students worked in groups of three of the same sex. They will create a brand new pack of gum for the opposite sex. • The tasks that must be completed are listed on the paper presented. • Teams will present their creation and will be evaluated by the following rubric.