ROLE OF PRODUCT MANAGEMENT IN THE MARKETING PERFORMANCE OF BANKING SERVICE
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ROLE OF PRODUCT MANAGEMENT IN THE MARKETING PERFORMANCE OF BANKING SERVICE
Chapter one
1.0 Introduction
1.1 Background of the Study
Product management is the process of adapting a product throughout its life to meet the ever-changing demands of the market. Too many businesses make the mistake of assuming that consumers are fed, act as they do, and share their desires.
The task of product management is constantly monitoring the market and altering the items to meet the demands and desires of the customers. The better the product meets the needs of its target market, the more likely it will be successful.
Today, as products and services become increasingly commoditized, many organisations are taking innovative approaches to providing value for their customers. To differentiate their offerings, they are developing and delivering total customer experiences.
Whereas products are tangible and services are intangible, experiences are memorable. Whereas products and services are external, experiences are personal and occur in the minds of individual consumers. Organisations with market experience understand that customers are purchasing much more than just products and services.
To successfully acquire acceptability in the market environment, a well-organized product development and management must exist. Product management is the process of tailoring the proposed product to the market’s requirements and opportunities (Rewold et al. 1977).
Product management is the process of predicting market needs and taking action to identify and produce products and services that will best meet the wants and desires of the trapped market environment.
Product management is an internal aspect in any organisation. Once a product has been commercialised, it faces managerial challenges. If the product proves to be successful,
the company’s competitors will want to enter the market as well. It follows that the firm must control its product right from the introduction state to the maturate or even declining stage (Buzzell 1966).
However, product management is characterised by risk and unchaining. The risk may be that by associating financial and human resources with success protection and market acceptance, uncertainties arise as to whether the product will service, encounter severe competition, or die on introduction Anyanwu (1993).
Managing the product variable entails planning the product or service that will be marketed by the company. The product mix element is the most significant; as a result, every producer strives to conceptualise the product in the form most wanted by the consumer in order to meet his needs for product management.
The organisation must evaluate all of its internal variables (Dick Barry 1981). This is because these elements will influence the product’s success in the market.
The product life cycle is useful in the product management process because it explains how to employ marketing and management principles to organise and carry out actions that will successfully sell the product.
If a company decides to control its products. It intended to fail in launching its goods. There are reasons for product failure in the marketing environment.
They are as follows.
Lack of distinct advantage in product performance and price.
Overestimating the target market might lead to low demand.
Inability to use the company’s strengths to capture valuable opportunities
Unpredictable shifts in consumer preferences for products and services
A product that allows competitors to enter the market more competitively.
Lack of assistance from marketing intermediaries
To avoid the aforementioned situation, the firm must analyse and evaluate product satisfaction and acceptance in a way that benefits both the consumer and the organisation as a whole. (Anyanwu, 1993). The function of managing a product, particularly in the marketing of bank services, varies depending on the organization’s objectives.
However, the primary functions of managing a product are identical to the principle function of management as defined in the management literature.
The difference is that product management is focused on producing and organising a successful product that will obtain acceptability in the marketing environment. The following are the basic functions of product management.
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