Definition: [ˈprɒdʌkt ˈsɜːvɪs ˈmænɪʤmənt] is one of the directions of the company's marketing activities, the essence of which is to plan the assortment (including the release of new products and the withdrawal of old ones from the market), as well as the marketing support of individual products at all stages of their life cycle. The goal of product service management is to create a balanced product portfolio in terms of maximizing sales in the longest term. Product service management should be subject to the overall marketing strategy of the company.
Product Service Management In a Sentence:
- Product service management implies the performance of various functions at the strategic and tactical level, their composition in practice may vary depending on the organizational structure of the particular company.
- Typical product service management functions include product planning and product marketing.
Synonyms and related words: product release, marketing strategy
