Product Service Management

hi. Today, we're gonna be talking about product service management.

I want you to think about the last product that

you purchased.

Um, did you stop and get a doughnut on your

way to school this morning?

Um, when was last time you that you bought an

app for your phone or was last time you had

your oil changed in your car?

Do you ever think about who was responsible for making

sure that we have these products and they have all

of the features and benefits that we want need?

Well, there is a lot of people that do a

lot of work in this area.

Managing products and service is effectively is vital to the

success of a business or an organization, and they don't

just appear on the market overnight.

The polio vaccine took 10 years to develop and Google's

search engine three years before they finally introduced that to

the market and even someone like Taco Bell.

They spend thousands of dollars researching a new product and

experimenting and testing just to bring Doritos Locos tacos to

customers. So let's describe that just describes the beginning.

Products also go through a lot of stages of growth,

maturity and decline.

Now we're gonna look at two objectives.

As we go through this unit, we're going to describe

the product, service, management function and what it is.

And then we're also gonna talk about the phases of

product service management.

Come this one.

So what is product service management?

It is the marketing function that involves obtaining, developing, maintaining

and improving a product or service knicks in response to

market opportunities.

Now you notice that I said, Ah, product or service

mix Well, actually, ah, product can be either a good

or a service.

A good is a tangible object that can be manufactured

or produced for resale.

An example of a good would be a desk chair,

a track, a rose bush for garden.

It's something I always like to think of it like

this. Think of tangible that you can touch it, So

if you could go into a store, pay for it,

put it in your hands and bring it home.

That's a good service.

Is an intangible activity performed by other people in exchange

for payment?

That would be something like a manicure or Internet connection

or, uh, an employee certain for you know to hire

a company that you're looking for employees.

Ah, haircut.

And so I want you to be very clear on

the difference between products and service is but know that

they're treated very similarly when it comes to product service

management. Now there's the steps for a NH internal product

development is first, you're going to generate ideas.

Brainstorm. Look at the market, see what's out there.

Then you're going to screen those ideas and figure out

which one would be the best to promote or go

forward with.

Those products have to be tested.

This is probably one of the most expensive parts of

that development, and research has to be done, and you

have to conduct a business feasibility analysis feasibility.

That means that it is worth the money.

If something is feasible, it means to go for you're

going to get your money back.

You need to develop the product and then again, test

market the product and a much larger scale and finally

commercialize that product and put it out on the market.

So that is just a introduction to what, ah, product

service management.

It is.

So, um, and as we move forward, through this unit,

we're going to take a closer look at each step

because as one of the functions of marketing, it is

imperative for businesses to be successful at product service management.

Product Service Management

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