Product Management and Services
Service Product Management is to manage a service product throughout its complete life cycle. A service product is intangible which manifests itself as a pure professional services or combination of services with necessary software and hardware. It ensures management of profitable services in the market place.
Functions of Service Product Manager :-
- Generation of service idea and Management
- Service Product Creation
- Service Sales Support
- Demand Supply Planning
- Business Management System support
- Marketing and Market Communication
- Knowledge Managment
- Service Ramp Down
Product and Service Management/ Product Management and Services :-
Before understanding the management of products and services,it is necessary that one should understand the classification of the product and services and their essential characteristics.
Classification of the Products :
On the basis of Durability and tangibility
1. Durable goods
2. Non durable goods
3. Services
- On the basis of consumer goods classifications
- Shopping goods
- Convenience goods
- Specialty goods
- Unsoughted goods
- Industrial classification of goods
- Material and parts
- Capital goods
- Supplies and services
There are many factors on the basis of which the differentiation in the product can be done, these characteristics of the product are :
- Specification of the product
- Form
- Durable
- Reliable
- Quality
- Conformance
- Style
- Design
- Repairability
Sometimes when it becomes difficult to differentiate the physical product, the focus is on how can the services be differentiated in order to gain competitive edge. There are certain characterisyics through which the services can be differentiated, these include :
- Ease to order
- Accurate delivery
- Easy installation
- Training provided to the customer
- Customer consulting
- Repair and maintenance
Co-Branding and Ingredient Branding
Co-brandind is also termed as dual or brand bundling, where two or more well established brands come together to form a joint product or are marketed together in a similar way,
Ingredient branding is a special type of co -branding which aims in creating brand equity for a material or parts that are the component or are contained in the other branded product. A special type of ingredient branding is self branding where the company advertise the ingredients of their own branded products available in the market.
Packaging
It can be defined as a method or the activities for creating or designing the container for the product. The packaging is done in an efficient way because it helps in creating convenience and promotional value for the product. There are many factors which are favouring the use of packaging, these factors are :
- Self servicing
- The brand image of the company
- Affluence of the consumers
- Growing opportunities for innovation
Labeling
A label is simply a tag that s attached to the product which becomes the part of the packaging for a product. A label can be a name of the brand or can contain some information about the product. There are some functions that are being performed by a label :
- It helps in identifying product or a brand
- It helps in grading of the product
- It helps in promoting the product through attractive graphics
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