L2-Product+Service+Management

=Lesson 2 - Product/Service Management - Introduction to PSM=

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Defined:

 * Product/Service Management** is the designing, developing, maintaining improving, and acquiring products or services so that they meet customer needs.

The Product Planning ProcessThe product planning process is one of the most controversial within any company. Everyone wants a hand in new product definition and almost everyone will have contributions that will make a new product successful. With all these interested parties, you are going to need a system to help you through the product planning process and a way to decide which ideas have the most merit. This system also needs to incorporate customer feedback, assure that important new product ideas are approved, and that development of them initiated immediately. What follows is a product planning system that works well for most companies.
 * [[image:http://www.infrasystems.com/prodplan.jpg caption="external image prodplan.jpg"]] ||
 * external image prodplan.jpg ||

The above diagram outlines the phases in the product planning cycle. In any given company, these steps may be condensed or combined. For example, some companies may use a single document to cover both the Market Requirements Document and the Functional Specification. The steps are important because they allow you to gather input from all possible resources, evaluate the potential of each idea and gather input from all involved parties about which ideas will work and their ease of implementation.

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Product Planning Example:

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