What role does product and service management play in marketing?
In response to market opportunities, product/service management is a marketing function that entails obtaining, developing, maintaining, and optimizing a product or service mix.
What is the importance of the product service management function?
It’s important for product/service managers to keep a close eye on existing products and monitor them in terms of sales, profit, market share, and how well they’re meeting company goals and expectations. Product/Service managers may decide an existing product is per- forming well and needs no modifications.
What is product and service management in marketing?
Product and service management is the process of designing, creating, and maintaining a product or service through all stages of its lifecycle. It involves a wide range of operations, marketing, and sales related activities.
What are the factors that affect 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.
What activities are included in product/service management?
What is product/service management? a marketing function that involves obtaining, developing, maintain-ing, and improving a product or service mix in response to market opportunities.
What are two goods examples?
Examples of common goods include:
- freshwater.
- fish for fishing.
- wildlife to hunt.
- timber from trees.
- wildflowers to pick.
- fresh air.
- park benches.
- coal.
What are the 4 types of goods?
The four types of goods: private goods, public goods, common resources, and natural monopolies.