Product Planning and Development
Product Planning and development is one of the important part of marketing. In this topic we will discuss about product planning and development, aboutmarketing product planning and development, meaning of product planning and development, new product planning and development, marketing concept of development.
Product Planning Definition-
According to William J. Stanton, “Product planning consists of activities which enable producers to determine what should constitute a company’s line of products. Ideally, product planning will ensure that the full complement of a firm’s product is designed to strengthen the company’s profit position.”
Product Planning Life-Cycle-
The concept of Product Life-cycle is different from product planning as the product life-cycle provides a framework for product planning and development. There are various stages indulge in product planning are-
• Introduction,
• Growth,
• Maturity,
• Saturation,
• Decline, and
• Abandonment.
These are the five stages of product and are known as product life-cycle. The duration and the length of each stage vary from product to product, entry of new firms etc.
• Introduction,
• Growth,
• Maturity,
• Saturation,
• Decline, and
• Abandonment.
These are the five stages of product and are known as product life-cycle. The duration and the length of each stage vary from product to product, entry of new firms etc.
Product Development Definition-
Product development is a process which includes a number of decisions, namely-
• What to produce or buy?
• How to have its packaging?
• How to fix its price? And
• How to sell it into the market?
The design, quality, price, size and other features are determined by conducting themarket research {as we studied earlier}. The department of the product is guided according to the needs and preference of the consumers.
• What to produce or buy?
• How to have its packaging?
• How to fix its price? And
• How to sell it into the market?
The design, quality, price, size and other features are determined by conducting themarket research {as we studied earlier}. The department of the product is guided according to the needs and preference of the consumers.
We Defines ‘Product Planning and Development’
As we know that marketing research is mainly directed towards analyzing the habits of the consumers and increasing the sale of the product; the transportation and storage housing of the products are depend upon the nature of the product. Therefore, it is necessary to plan and develop the products which satisfy the wants of consumers. The product quality and specification should fulfill the requirements of the consumers.
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