product/service management

Question 1

Explain the nature of P/S managment function

Answer 1

evolving and shaping a P/S based on changes in market trends and consumer demands, needs, and preferences.

Question 2

Explain scope of P/S management function

Answer 2

Includes the many steps taken in order to implement changes in P/S. Involves:
product development and improvement,
PLC management,
Positioning and branding,
pricing strategies, etc.

Question 3

product life cycle

Answer 3

introduction, growth, maturity, decline

Question 4

Impact of PLC on marketing decisions

Answer 4

intro: focus on awareness and promotion
growth: focus on diffrentiating from competitors
maturity: maximize profitability with competitive pricing and targeted promotions
decline: reduce costs, consider discontinuation, or rebrand

Question 5

use of technology in P/S management function

Answer 5

• helps with analyzing market trends to make P/S management decisions
• CRM softwares to gain feedback to apply to P/S
• digital platforms to carry out promotional strategies effectively
• aids with product development and prototyping on specfic softwares (like CAD)

Question 6

business ethics in P/S management

Answer 6

• ensures that companies act responsibly, fairly, and with integrity in managing P/S.
• honesty in explaining product benefits, sustainability in production, transparency in communication.
• ethical practices build trust -> customer retention and loyalty