Management of Management of Products and Services Products and Services

Product: its nature
Anatomy of a Product Core Offering: value it offers to the customer Tangible Specifications: Physical dimensions, other tangibles Augmentation:support. Image: brand, manufacturer; ease of availability etc.

What is a Product?
Primary characteristics

The total product

Auxiliary dimensions

Core & Augmented Product
Augmented product Core product Primary Characteristics AUXILIARY CHARACTERISTICS

Managing of the Product
• Handling the issues related to the product the field force to assess the demand • Co ordination with product design to ensure suitability in the marketplace production/ manufacture to ensure availability Thus it is at the hub of the organisation

Changing Environment
• Environment in a state of Constant flux • Factors responsible: Globalisation Global economy Technological Change • Higher level of earnings • Greater Disposable income

Consequences of Change
Higher Level of aspirations Availability of much larger variety Availability from many more sources Constant need of tracking the customer preference • Much shorter product life Need of modifications, re launches • Need of co ordination within the company • • • •

Strategies to protect
Filling in the gaps Strengthen and synergise communication Strengthening and/or extending the network Defining the position more carefully Concentrate on the economy Concentrate on Premium segment • Various forms of augmentation Additional services, Greater Convenience • • • •

Position within the Company
• As a Functional Operation • As a Line head • Single Product • Product Range • Multiple Product/Range

Perspective on New Domestic Competition
• Emergence of Rural Markets • Competition for Channels • Regional Brands • Value for Money segments • Niche Players
• New Product Variants • Identifying and capturing New segments, sub segments • Improving Distribution& Service • Dealing...