Important terms of Product Service Management
Product Service Management (PSM) is an all-encompassing strategy for overseeing a businessâs offerings of goods and services from launch to retirement. To guarantee the smooth delivery and continuous improvement of offers to match consumer needs and expectations, this strategic framework incorporates numerous facets of product development, marketing, sales, customer service, and support.
- A method for overseeing a productâs whole lifecycle, from conception to design and production to servicing and disposal.
- A written agreement that outlines the obligations of both parties and the quality of service that is expected between a service provider and a consumer.
- A methods, approaches, and tools for managing and evaluating consumer data and interactions over the course of the customer lifetime.
- The process of creating and providing services that satisfy client demands and add value for both the service provider and the client.
- A continuous process to innovate and make little adjustments to processes, goods, or services in order to make them better.
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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