What does product/service management involve?

Product/service management is fundamentally centered around obtaining and developing products in response to market needs. This process encompasses a range of activities, including researching consumer preferences, evaluating market trends, and innovating or modifying products to better suit the demands of the customer base. By focusing on understanding and meeting market needs, businesses can effectively position their offerings to be more appealing and relevant, which can lead to increased customer satisfaction and loyalty.

While determining advertising budgets, transporting goods, and setting price points are all critical aspects of marketing and business operations, they do not pertain directly to the management of products or services. Advertising budgets relate to promotion strategies, transportation concerns involve logistics and distribution, and pricing strategies focus on the monetary aspect of selling. The core of product/service management is about aligning the product lifecycle with consumer demand and continuously improving products to maintain competitive advantage, making obtaining and developing products the most accurate description of this discipline.