Product/Service Management (PSM) involves obtaining, developing, maintaining, and improving products based on factors like customer needs, company goals, costs, competition, and regulations. When done effectively through the three phases of developing new products, monitoring existing ones, and eliminating weak products, PSM can increase profits by offering desired products, gain new customers by developing the right products, and reduce failure risks by well-managing products over their life cycles from introduction to decline. PSM also affects a product's positioning and image to improve its success in the marketplace.