About this unit
To remain competitive, corporations must create superior value to their target market through the development and management of innovative products and services that are perceived to be superior by customers as compared to the competitors’ offerings. The aim of this unit is to build on the foundational marketing concepts by developing a deeper understanding of the steps involved in the development of new products and services, and the strategies in managing product and service innovation to deliver superior value to customers. Specific objectives address innovation, services & product development and management issues from a marketing management approach (that is to say, with a lesser emphasis on other approaches such as economic, technical or purely creative – these areas are not ignored but are treated as contributory disciplines).
- The meaning, importance and function of the product management role in business today
- The impact of management practices on the development of goods and services based products
- The range of concept-generating techniques used for new product and service development
- The means of evaluating new product and service ideas
- Preparation of a product/service, a product/service launch plan and its importance as a marketing control tool for new products and services, product/service maintenance and product/service ‘re-launches’
- The importance of product positioning within the target marketing process, branding, packaging and the importance of successful working relationships with advertising, marketing, research, promotion agencies, etc. in the product management process
- The dimensions and measurements of service quality and customer satisfaction
- International aspects of product and service management
- The importance of successful working relations within the organisation, particularly with sales, production, supply and research and development, in the product and service development process
This unit is found in Bachelor of Business With a Major in Marketing.