Product Life Cycle: Managing Products and Services

Question 1

Purpose of product and service management

Answer 1

optimize company’s offering so that it delivers superior value to target customers, company,, collaborators

Question 2

product vs service

Answer 2

product goes through lots of channels

service is consumed immediately

Question 3

2 factors to managing products and services

Answer 3

1 strategic 5C

2 tactical 7Ts brand price incentives communication distribution (product services)

Question 4

What are factors in the product/service for differentiation?

Answer 4

performance
consistency
reliability
durability
compatibility
ease of use
technological design
degree of customization
form
style
packaging

etc.

Question 5

Six Sigma

Answer 5

A methodology for managing process variations that cause defects, introduced by Motorola and later adopted by General Electric. (Sigma refers to the Greek letter commonly used in statistics as a measure of the degree of variance in a given population.) The Six Sigma approach builds on the idea that for an offering to be consistent with specifications, the difference between the actual and the desired outcomes should not exceed six standard deviations.

Question 6

Stock Keeping Unit (SKU)

Answer 6

A unique identifier assigned to each distinct product or service.

Question 7

3 categories of uncertainty in for attributes in a product or service

Answer 7

1 search (easily identifiable product)
2 experience (product only revealed after consumption)
3 credence (not truly revealed even after consumption)

eg search - size
experience - taste
credence - cavity protection in toothpaste