Definition:
Product and service management involves creating, improving, and maintaining products that satisfy consumer needs and meet quality expectations.
Key Elements:
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Product design and development.
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Product lifecycle management.
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Customer feedback integration.
Example:
Apple’s iPhone evolution is fantuan database a prime example. Each year, Apple releases updated versions based on market demand and consumer feedback, enhancing features such as battery life, camera quality, and software performance.
Why It’s Important:
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Keeps the product relevant.
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Builds customer loyalty.
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Increases competitive advantage.
Companies that fail to innovate risk losing market share to more adaptive competitors.
3. Pricing: Finding the Right Balance
Definition:
Pricing is the function enduring power of customer of setting the value of a product or service in a way that meets customer expectations while ensuring profitability.
Key Elements:
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Competitive pricing analysis.
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Cost-based pricing strategies.
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Value-based pricing strategies.
Example:
Amazon Prime’s membership fee is strategically priced to provide high perceived value through services like free shipping, exclusive content, and special deals, creating a strong incentive for customers to maintain their subscriptions.
Why It’s Important:
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Influences fans data consumer purchasing decisions.
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Impacts market positioning.
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Determines company profitability.
Incorrect pricing can either make products unaffordable or suggest low quality.