Product Service Management Flashcards, test questions and answers

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What is Product Service Management?

Product service management (PSM) is the process of delivering a product or service to its end users. It consists of activities such as product design, production planning, procurement, inventory management, distribution and customer service. PSM involves managing the entire life cycle of a product or service from initial conception to delivery and beyond. It requires a holistic view of all aspects related to delivering a quality product or service in an efficient manner.The primary goal of PSM is to ensure that products and services are delivered on time and within budget while also meeting customer expectations for quality, performance and satisfaction. This means that it must be managed with strong processes and procedures in place for each step in the process. It also requires effective communication between stakeholders throughout the organization so that everyone involved understands their role and responsibilities in order to ensure successful outcomes.In today’s competitive market environment, companies need to focus on providing excellent products or services if they want to remain successful long-term. This means that PSM is essential for ensuring customer satisfaction by meeting their needs at every stage of the life cycle from initial conception through delivery and beyond. Companies must have strong processes in place for tracking feedback from customers throughout the life cycle so they can continuously improve their products or services over time based on feedback received from customers. Additionally, companies should set up systems for measuring performance against goals they’ve established so they can make necessary changes if needed along the way to deliver better outcomes.