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Title: WHAT IS PRODUCT PLANNING
Description: Product planning works as the basis for decision making about price, distribution, and promotion. It is the process of creating a product idea and following the idea until the product is introduced to the market.
Description: Product planning works as the basis for decision making about price, distribution, and promotion. It is the process of creating a product idea and following the idea until the product is introduced to the market.
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WHAT IS PRODUCT PLANNING?
Product planning is the procedure of identifying and articulating market requirements that
define a product's benefits or features
...
It is the process of creating a product idea
and following the idea until the product is introduced to the market
...
It
usually represents the activity that links the company with its market which is directly
concerned with the development of the company
...
Objectives of Product Planning
To meet the customer needs: Product planning identifies the customer needs, requirements,
aspirations, likes, and preferences then guide the firm's resources and efforts towards the
accomplishment
...
To fortify better resource utilization: product planning helps to develop new product and
modify existing ones in a way that better utilization of resources can be achieved
...
To guarantee a firm´s survival: product planning predicts what is likely to change in
products, technologies, product ideas, so that the latest can be given to the consumers
The Process of Product Planning
1
...
It equips you with unshakeable knowledge
of the upcoming problems based on your strong understanding of what can be the
solutions
...
Market research: a small company should consider doing marketing research before
planning a new product
...
Qualitative researchers target to collect an in-depth understanding of human behavior
and the reasons that govern such behavior
...
3
...
During this time, the company will distribute the products in one or more cities, run
advertisements and sales promotions to spread awareness of the product, and track
sales return to determine the product's potential success
...
Product life cycle: product planning must also include managing the product through
several stages of its product life cycle (introduction, growth, maturity, decline)
Advantages of Product Planning
i
...
ii
...
iii
...
Reduces production cost by increasing efficiency
v
...
Proper production planning reduces waste of resources
Title: WHAT IS PRODUCT PLANNING
Description: Product planning works as the basis for decision making about price, distribution, and promotion. It is the process of creating a product idea and following the idea until the product is introduced to the market.
Description: Product planning works as the basis for decision making about price, distribution, and promotion. It is the process of creating a product idea and following the idea until the product is introduced to the market.