The Role Of Product Management In The Marketing Performance Of Banking Service
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Product management embraces the task of adjusting the product throughout its life to match the ever-changing demands of the market place. Too many organizations make the mistake of thinking that consumers fed and act as they do ad share their wants.
The job of managing a product. then is one of constantly monitoring the market and adjusting the products to meet the markets needs and wants. The better the product matches the needs of its market, the more successful it is likely to be.
Today, as product and service become more, and more commoditized many organization are moving to new level in creating value for their customer. To differentiate their offers, they are developing and delivering total customer, experience, whereas product are tangible and service are intangible, experience are memorable, whereas product and service are memorable when as product and service are external, experience are personal and take place in the minds of individual consumer. Organization that — market experience realize that customer are really buying much more than just product and service.
For a product to successful gain acceptance in the market environment a well organized product development and management must be there product management is the process of tilling the proposed product to the requirement and opportunities of the market (Rewold etal 1977) product management, involves the process of anticipating the needs of the market place initiating action towards the identification and production of product and service which will best satisfy the needs and wand of the trapped market environment. Product management is internal factor in an organization. A product once. it is commercialized face the problem of management. The firm is not alone in the industry and its competitor will want to enter the market, if the product proves successful. It therefore, follows that the firm must manage it product right from the introduction state till the maturate or even declining stage (Buzzell 1966)
Product management is however, characterized by danger and unchains. The danger may be in washing financial and human resource with achieve success protection and market acceptance the uncertainties arise as to whether the product will service, face much competition or die on the introduct Anyanwu (1993).
Managing the product variable embraces planning and or service to be marketed by the company. The product mix element constitute the most important it is thus produce that every producer tries to conceptualize in the form most desired by the consumer in order to satisfy his needs for proper management of product. the organization must consider all the internal factors of the organization (Dick Barry 1981). This is because this factors will determine the success of the product in the marketing environment.
In product management process, the product life cycle provide useful information on how to apply the principles of marketing and management in organizing and in carrying out those activities that will successfully market the product. If a firms fact to manage its products. it plan, to fail in launching its, product. There are reasons why product fails in the marketing environment
They are as follows
- Lack of distinctive advantage in product performance and price
- Over estimation of the target market which may result in low demand
- Inability to utilize company strength to capture profitable opportunities
- Unpredictable change in consumer preference for goods and service
- Product which facilitate competitive entry into the market by competitor,.
- Lack of support from the marketing intermediaries
In order to avoid the above mentioned area, the firm must consider and evaluate the product satisfaction and acceptance in such a way that favours the consumer and the organization in general. (Anyanwu 1993) in managing a product especially in marketing Bank service, the function varies from organization objective to the other. But the basic functions in managing a product are the same with the principle function of management as it is stated in the management field. But the different is that product management are guided toward developing are organizing a successful product that will gain acceptance in the marketing environment the following are the basic function of product management.
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