May 19 2025 |
What is a Products and Services List?
A products and services list is a comprehensive list of all the products and services offered by your company, along with details of their specifications and pricing.
A products and services list provides information on all products and services offered by your company along with their:
- Description: Names, assigned codes, features, composition and function
- Pricing: Recommended retail price (RRP) of your products and frequency of billing and price of your services
- Stock Keeping Units (SKU): Total inventory or SKUs available of each product
- Category: Different categories or segments of products and services available
- Location: Storage and manufacturing locations of your products
The list also includes the products and services sourced by third parties and is updated on an ongoing basis.
Why is a Products and Services List important for business today?
A products and services list enables your company to:
- Track sales and profit margins by each product/ service offerings
- Design promotional and marketing strategies, based on the features and usage of your products and services
- Assess the total product SKUs available
- Offer new products and services, as per market and customer needs
- Evaluate the environmental impact of your products by analyzing their composition
Why is a Products and Services List important for an event tomorrow?
A products and services list is important for an event tomorrow, as it helps:
- Determine the range of products and services offered by your company and their price points
- Assess the competitive advantage of your company’s products and services by analyzing their value proposition
- Determine your company’s manufacturing and technical capabilities and your reliance on third parties
- Evaluate the costs incurred by your company in developing and modifying your products or services
- Determine the customer base (existing and potential) for your company’s offerings
Pros of addressing Products and Services Lists
- Accurately track your products to evaluate the need to manufacture or source new products
- Benchmark the portfolio of your products and services against those of your competitors
- Communicate the features and utility of your business offerings to internal and external stakeholders, including your customers
Cons of not addressing this topic
- Limits on your company’s ability to market your business offerings based on their type and segments
- Ambiguity and duplicity of offerings due to low visibility on usage and features of products and services
- Increased potential for wide variations in prices quoted due to lack of standardisation
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