Product Service Management: Definition and Examples

product service management

Product service management is the core of any company or organization that’s intentional about the success of its products. How about I tell you that a product service manager managed the most recent product you purchased throughout its development phase down to the last phase?

In addition, the rate at which a product sells is determined by how well it was managed. So, if you want your product to hit it big in the market, there has to be proper planning.

And yes! Here’s where product service management comes to play.

Therefore, this blog post will tell you what you need to know about product service management, examples of product service management, and how it will benefit your organization.

So, let’s get started!

What is Product Service Management?

Product service management can be defined as a marketing function that aims at managing and developing a product or service of an organization following market transition and diversity. In product service management, characteristics of a product or service are continually evaluated to further develop and rework them as the market and consumer demand change.

Meanwhile, this does not just apply to creating new products or services. It also cuts across improving the features of products that already exist, enlarging your target customers, marketing these products/services to your target customers, as well as accepting their feedback to further improve your products.

As interesting as this may sound, product service management is not a thing for the weak considering its toughness. It requires so much perseverance, insight, and comprehending market fluctuations hence it is mentally exerting.

Who is a Product Service Manager?

A Product Service Manager carries out all product service management duties. Product service managers handle and oversee an organization’s products/services, making sure they are continually evaluated and developed, and in line with market shifts and consumer demands.

These professionals carry out market research and study, product protocols to determine business opportunities, assess customers’ feedback, and oversee all the phases of development of a product.

What is Product Service Management: Why it is important?

From our definition of product service management, it is very important that your products or services are managed and continually developed to stay up-to-date with current market fluctuations.

Remember, you’re not the only one selling such products/services, you have competitors. And believe me, if your competitors keep evolving more than you do, you will fall short of sales. But not just sales, you’ll also lose your customers to your competitors.

As a company, you should know that your customers are your greatest asset. And to thrive in that business, you need to meet up with their demands, hence you need product service management.

In the current era, things are no longer done the old way of launching a product and awaiting buyers to approach. Rather, techniques are employed to build these products. Since time is crucial and markets are increasingly competitive, product service management has become a sought-after skill.

Benefits of Product Service Management

The benefits attached to product service management are unending. But we will be discussing a few of them here.

  • Increasing your target customers. Although you ought to keep your already existing customers satisfied, product service management lets you increase your target customers without estrangement of your existing customers.
  • Upholding your business flexibility. Of course, every business owner wants their business to remain flexible. But some unseasoned business owners find it difficult to stay up-to-date with market and customer demands, hence the reason you should have a product service manager.
  • Staying competitive. I’m sure you wouldn’t want your business to fold up just because you couldn’t maintain the competition. And maintaining competition with your competitors is no easy task. However, with product service managers in your team, you have nothing to worry about.
  • Product modification. As a company, having product service managers helps you to adjust to the latest market shifts and always stay new in the industry. With constant product modification and innovation, you will remain relevant in your industry.
  • Increasing your company’s revenue. Every company wants to increase its revenue. But this cannot be accomplished without product service management. So, when you have product service managers in your team, the losses incurred will be less and more revenue will be generated.
  • Customer loyalty. Customer loyalty is very important to every brand. However, it’s quite tough to keep up with it. But with the help of product service managers, your customers will remain satisfied and stay committed to your brand.
  • Managing product inventory. Proper inventory management helps to reduce losses. You wouldn’t want to have a surplus of products that are no longer in vogue. So, a product service manager prevents this from occurring.

Examples of Product Service Management

Following our definition of product service management, some brands and companies employ this technique.

Therefore, some examples of product service management include:

#1. The Apple iPhone

A typical product service management example is the iPhone. It comes with continual new features every year.

These improved features are software, hardware, user experience policies, and style to meet customer satisfaction. As we all know, it is one of the leading smartphones in the industry.

Moreover, features such as the way we stream music give a very satisfying experience. The brand keeps evolving, making them stay up-to-date and maintaining customer loyalty every year.

#2. Clothingpalace.com

Clothingpalace.com  is another product service management example. So, clothingpalace.com is an online store that sells clothes for children, men, women, and so on.

Also, if you’re having trouble figuring out the clothes that fit your size, the company can help you fix that using their call center.

The product service management team of the company oversees the prices of items, product images on the website, etc. They accept feedback from customers to improve the quality of their products and also make sure that the products are adjusting to market fluctuations.

Again, they analyze their call center communication and marketing trends to improve the company’s business opportunities.

In addition, they drive sales and promote their company using various platforms. Then, customers are also given discounts when they purchase plenty of fashionable clothing. Putting all these strategies in place has made the business upsurge above its competitors.

#3. BabyPlace.com

Finally, we have BabyPlace.com! So, just like clothingpalace.com, BabyPlace.com is also an online store. And they sell everything for babies – from their clothing to equipment and other baby care products.

They also help newbie parents using their call center, where parents receive advice on some questions and topics. The company’s product service manager handles its pricing, product images on the website and ensures they stay up-to-date. They work with the web team to ensure this is done.

In the same way, their product service manager also analyzes the company’s call center communications and sales trends to improve the company’s market opportunities.

Frequently Asked Questions

What factors affect product service management?

Factors like customer needs and demands, company expectations and goals, competition, products, phases in the product life cycle, costs and availability of resources, and market trends affect product service management.

Why should existing products be monitored?

Product service managers should monitor existing products so that some more modifications can come up during market shifts or when consumer demands change and extend the product’s life cycle.

What are the 3 main phases of product service management?

Development of new products, monitoring existing products, and elimination of weak products are the 3 main phases of product service management.

What four types of goods are existent?

The various kinds of goods you’ll find in the market are; unsought goods, shopping goods, specialty products, and convenience goods. Each of these products is grouped according to consumer habits, product characteristics, and price.

Conclusion

As an organization that wishes for your products to keep selling and remain relevant in the market, you need to apply product service management techniques.

Product service managers innovate products, monitor new and existing products closely, continually improve them, and ensure that these products are meeting the company’s expectations. Also, they perform market surveys and receive feedback from customers to better satisfy their customers and keep their business afloat.

Why not consider taking up product service management for your business? It’ll be nice if you do and apply what you’ve learned from this blog post about product service management to your business and see it succeed.

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