Product and service management is the process of designing, creating, and maintaining a product or service through all stages of its lifecycle. It involves a wide range of operations, marketing, and sales related activities.
These activities encompass the entire range of product life cycle – from the conception of a new product or service idea, to its design and launch, and later through its growth, maturity, and decline stages.
After completing this course, you will be able to:
Operations aspects of product management are vital to the success of new and existing products and services. Every organization conducts product management activities, whether knowingly or unknowingly, that integrate operations, marketing, and sales functions to deliver desired products and services to customers.
This course provides a broad overview of the product and service management functions from an operations management perspective. More specifically, it walks you through the phases of product life-cycle and stages of new product development. This course also introduces some examples of strategies for managing existing and mature products and services.
The target of this course is anyone working in operations management or another functional area, who is looking to gain a working understanding of the operations functions in a service or manufacturing organization.
You will have 2 hours of video lessons, and written documents, quizzes, examples and exercises, but also a small course project.
Now, go ahead, and register. Or, if you want, try a few minutes of course preview and decide after. See you inside the course!
Product and service management is the process of designing, creating, and maintaining a product or service through all stages of its lifecycle.
Each product's journey to the market has been strategically planned, revised, and supervised in great detail. This process is known as product and service management. It is a managerial approach that companies use to understand how best to develop new products and services, and manage existing and mature ones.
Understand course structure, content and delivery method
Think of a product or service that your organization provides. Now think about the recurring activities that manage and support that product or service. These activities are known as product and service management. Your company might not classify these activities under the product and service management umbrella, but every organization carries out this management practice.
Understanding the product life cycle is a crucial step in formulating a successful product strategy. Operations management is responsible for the majority of the stages in the life cycle, with marketing handling the remainder.
The four stages of the product life cycle are: introduction, growth, maturity, and decline. For each stage of the product life cycle, there are a number of correlating actions that should be taken.
Understand phases of the product life cycle to actions that should be taken at each phase
There is a simple business truism: a product or service company is only as strong as the products or services it provides. This is why companies invest so much money and time in developing new products. The success or failure of a product can have serious implications for a company, which is why the comp
Now that various methods for developing new products have been explored, it's time to focus on the most widely accepted one – the New Product Development, or NPD, method. It's a market-led approach to product design and development, and forms part of a company's critically important innovation function.
The New Product Development process has four best practices, each of which will be addressed.
The list of activities required to prepare a business case for a product concept.
Sequence the stages of the new product development process and match current best practices in new product development with their description.
The new product development, or NPD, process deals with the management of new products and services, and the associated challenges, solutions, and pitfalls. But when it comes to existing and mature products, some very different, and sometimes challenging, managerial strategies are required. The three types of strategies are maintenance, revitalization, and rationalization, and each has a number of approaches that can be applied.
The second type of strategy for managing existing and mature products is revitalization. This requires lots of planning and supervision, and is the most commonly used strategy when managing existing and mature products.
Rationalization is the third strategy for managing existing and mature products, and it should be applied to all product lines. Rationalization seeks to keep the product lines operating in a lean and efficient manner, while also ensuring that they properly align with the long term goals the company has set for them.
There are three strategies for managing existing and mature products and services. Within each strategy, several approaches can be used. These approaches can often be used in combination with each other.
Apply strategies used to manage existing and mature products and services with examples of the ways they are used
Optional course project
To further your understanding of product and service management, this course covers the product and service life cycle, the development of new products, and how to manage existing and mature products.
Course wrap-up and next steps
Before Udemy, Sorin developed and delivered on management, project management, computer literacy, human resources, career development, soft skills for employees and even corrections incidents management.
Currently working as a prison service consultant, he is a certified trainer and project manager, holding a master degree in International Relations and Policy Making and a bachelor degree in Law and Public Administration.
Sorin coordinated during the last 10 years projects in the areas of rule of law, regional development and human resources.
He has more than 10 years of middle/senior managerial experience within the civil service (justice, corrections, internal affairs, training), private sector (project management, consultancy, training) and NGO (industrial relations, rural development).
Sorin is also a certified International Computer Driving License (ICDL) tester and trainer for the United Nations Peacekeeping Missions, certified Human Resource Professional and a Public Manager (professional degree).