How Different is Product Service Management from Product Management?
- Product management and product service management (PSM) are two essential positions in an organization that are connected to each other and perform different but related roles in a productâs lifetime. Both have as their primary goal optimizing the value provided to clients, but they approach this from different angles and with distinct emphasis.
- Product management is mostly concerned with the ideation, creation, and distribution of tangible goods. It includes tasks including conducting market research, coming up with ideas for new products, ranking features according to importance, and managing the entire product development process from start to finish. To guarantee a productâs success in the market, product managers are responsible for comprehending consumer needs, seeing opportunities, and guiding the product through its lifespan.
- Where, Product service management encompasses related services that are rendered during a productâs lifespan in addition to the actual product. This covers things like upkeep, upgrades, updates, and customer service. By ensuring that the product meets or exceeds consumer expectations not only at the point of sale but also during its entire existence, PSM focuses on improving the whole customer experience. It entails creating service plans, putting support systems in place, and consistently assessing and enhancing the procedures used to deliver services.
- So, Product Service Management broadens the purview of Product Management by addressing the continuous maintenance and improvement of the customer experience, whereas Product Management is essentially focused on the development and delivery of the product itself. A productâs performance and longevity in the market depend on both activities, with product service management frequently bolstering and completing the work of product management to provide customers with outstanding value.
What do you mean by Product Service Management?
In Project Management, Product Service Management (PSM) is a holistic methodology that unifies the lifecycle management of related services and physical items. To increase the value and usability of products for customers, it includes planning, designing, producing, delivering, and providing support for them. It also includes developing and offering additional services. Where also, PSM attempts to maximize the total customer experience by ensuring that products and services meet or exceed customer expectations and deliver maximum value. This entails matching consumer demands and preferences with product design and development and consistently enhancing goods and services in response to feedback and changes in the market.
Table of Content
- What is product service management?
- Who is a Product Service Manager?
- What is the Role of Product Service Manager (PSM)?
- How Different is Product Service Management from Product Management?
- Important terms of Product Service Management
- Benefits of Product Service Management
- 3 Phases of Product Service Management
- Examples of Product Service Management
- Conclusion: Product Service Management
- FAQs: Product Service Management
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