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 market's 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 organizations are moving to a new level in creating value for their customers. To differentiate their offers, they are developing and delivering total customer, experience, whereas the product is tangible and service are intangible, experience is memorable, whereas product and service are memorable when as product and service are external, experience are personal and take place in the minds of the individual consumer. An organization that — market experience realize that customer is 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 et al 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 an 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 until 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 Anyanwu (1993).

Managing the product variable embraces planning and or service to be marketed by the company. The product mix element constitutes the most important it is thus produced that every producer tries to conceptualize in the form most desired by the consumer in order to satisfy his needs for proper management of a product. the organization must consider all the internal factors of the organization (Dick Barry 1981). This is because these factors will determine the success of the product in the marketing environment.

In the product management process, the product life cycle provides useful information on how to apply the principles of marketing and management in organizing and carrying out those activities that will successfully market the product. If a firm's fact to manage its products. its plans, to fail in launching its, product. There are reasons why a product fails in the marketing environment

They are as follows

Lack of distinctive advantage in product performance and price

Overestimation 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

A product that facilitates competitive entry into the market by a competitor,.

Lack of support from the marketing intermediaries

In order to avoid the above-mentioned area, the firm must consider and evaluate product satisfaction and acceptance in such a way that favors 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 difference 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.