What does product/service management focus on?

Product/service management focuses on enhancing products based on market research because this involves understanding customer needs, preferences, and trends to improve existing offerings or develop new ones. This process is instrumental in ensuring that products not only meet market demands but also remain competitive in a constantly evolving marketplace. By utilizing data gathered from market research, businesses can make informed decisions on product features, design, quality, and overall value proposition, leading to improved customer satisfaction and increased sales.

This emphasis on continuous improvement rooted in consumer insights is essential in product/service management, as it directly influences the company's direction and its ability to respond to changes in consumer behavior and market conditions.