Product and Service Management - Introduction to the Product Life Cycle

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Product and Service Management Activities
Think of a product or service that your organization provides. Now think about the recurring activities that manage and support that product or service. These activities are known as product and service management.
Your company might not classify these activities under the product and service management umbrella, but every organization carries out this management practice.
Strategies for Products and Services
This type of management is responsible for creating strategies for a company's products and services. To achieve this, product and service management is interlinked with the product and service life cycle.
The product or service strategy needs to be tailored specifically to the requirements of the stage in the life cycle the product or service has reached.
The Product and Service Management Process
The product and service management process always begins with a new product or service idea. This process guides the product or service to the market and provides support to customers who purchase it. Throughout the course the term 'product' may be used in reference to both products and services.
Product and service management is a vital process in both service and manufacturing operations. And, remember that whether a product is tangible – for example a laptop – or intangible – such as phone service support for laptop operation – it requires product and service management.
Manufacturing and Service Operations
Manufacturing and service operations both rely on product and service management to provide a complete beginning-to-end solution for their products. Examples of manufacturing operations include automobile manufacturers, laptop producers, and pharmaceutical companies.
The same principles apply to a service environment and a manufacturing environment. So, regardless of the type of environment, the main principles of operations management will apply.
More often than not, companies are combining both manufacturing and service elements in their product offering to remain competitive. A common example of this is in the computer manufacturing industry, where support services are also offered with the product.
Importance of Product and Service Management
By ignoring product and service management, your company runs the risk of failing to maximize a potentially successful product's potential or promoting a product with no market potential at all. Both outcomes result in losses for your company.

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