Service product management
Encyclopedia
Service Product Management deals with managing a service product across its complete life cycle. This organizational function is equally common between Business-to-business
as well as Business-to-consumer businesses. A service product, unlike a hardware or software product, is intangible and manifests itself as pure professional services or as a combination of services with necessary software and/or hardware. The service product management practice ensures management of a profitable service in the marketplace. Service Product manager identifies profitable service space, packages services in a productized form and delivers the same to the market. The function is a core service business management function and is a mix of sales and marketing functions. The function interfaces with various organizational groups like Strategy, Planning, Financial Controls /Management Accounting, Sales, Marketing Communications etc.
systems.
process and best practices for the service.
process.
Business-to-business
Business-to-business describes commerce transactions between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer...
as well as Business-to-consumer businesses. A service product, unlike a hardware or software product, is intangible and manifests itself as pure professional services or as a combination of services with necessary software and/or hardware. The service product management practice ensures management of a profitable service in the marketplace. Service Product manager identifies profitable service space, packages services in a productized form and delivers the same to the market. The function is a core service business management function and is a mix of sales and marketing functions. The function interfaces with various organizational groups like Strategy, Planning, Financial Controls /Management Accounting, Sales, Marketing Communications etc.
Service Idea Generation/Management
The function deals with capturing market's unmet and/or under-served needs, filtering the ideas based on business viability, business feasibility and potential, scalability, company strategy, and capital rate of return considerations. The end result is a potential set of market feasibility and market features captured in a marketing requirement document.Service Product Creation
Potentially saleable service features are captured and productized. That means creation of necessary product documentation like executive materials, service product document, technical services document, service scope etc.Service Sales Support
Service product management supports service sales by providing accurate resource estimate and in the right mix to provide an efficient product cost base on which to baseline the customer pricing.Demand Supply Planning
Services profitability management by supporting balance between service demand and supply of necessary service resources.Business Management System Support
Efficient management of service product cost and revenues according to service contract and incurred costs. The same is generally needs a service product manager to provide product data management for Enterprise resource planningEnterprise resource planning
Enterprise resource planning systems integrate internal and external management information across an entire organization, embracing finance/accounting, manufacturing, sales and service, customer relationship management, etc. ERP systems automate this activity with an integrated software application...
systems.
Marketing and Market Communications
Industry event participation, press release, consensus building, delivering service messaging through various available marketing channels.Knowledge Management
Manage the knowledge managementKnowledge management
Knowledge management comprises a range of strategies and practices used in an organization to identify, create, represent, distribute, and enable adoption of insights and experiences...
process and best practices for the service.
Service Ramp Down
Manage the decision process of ramping down service product, and executing the service ramp down thus ending the service product managementProduct management
Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle....
process.