What does product/service management involve?

Product/service management encompasses the comprehensive process of obtaining, developing, maintaining, and improving a product mix. This function involves various critical activities, including research and development, product design, and the lifecycle management of products or services to ensure they meet customer needs and market demands.

By managing the product mix, businesses can adapt to changing consumer preferences and market conditions, ensuring that their offerings remain relevant and valuable. This may involve introducing new products, phasing out old ones, enhancing existing products, and modifying features to address feedback and competition.

In contrast, options that focus solely on advertising, financial management, or pricing strategies, while important for overall business operations, do not encompass the broader scope of product/service management. These functions are part of marketing and operational strategies but do not directly address the holistic approach to managing a company’s product offerings.