THE ROLE OF PRODUCT MANAGEMENT IN THE MARKETING OF BANKING SERVICE

CHAPTER ONE

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).