What is Product Service Management?
Product service management (PSM) is an all-inclusive strategy that combines the management of related services and tangible products at every stage of the product’s lifespan, from design to disposal. PSM seeks to maximize the value proposition that is made available to consumers by making sure that the product and the related services work together seamlessly. Fundamentally, PSM understands that, in today’s cutthroat industry, providing a product alone is frequently insufficient to satisfy the demands and expectations of customers. Rather, companies that are successful need to provide a comprehensive solution that covers not just the product’s functional aspects but also its surrounding experience and support systems. This entails meticulous planning, creating, delivering, and continuously improving both tangible goods and intangible services.
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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