Problem: Please help to answer below question with elaboration
We have discussed the 8 factors that affect a product's life. Product and Service Management. The objective here is to take an example of a finished product for instant mobile phones. Example: You can discuss the evolution of handphones turning into smartphones with the addition of some key features such as touch display, gps, camera, etc.
Require it to be brief but to cover all the 8 factors mentioned below. This is an individual task so each can choose any product as they wish. Elaborate how their assigned factor affects that product.
Factors affecting Product/Service Management:
1. Customer Needs and Wants
2. Company Goals and Strategies
3. Cost and Available Resources
4. Competition
5. Product Itself
6. Government Regulation
7. Stages in Life Cycle
8. Business and Economic Trends