Products and Services List

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