Scribd
Upload
8 views2 pages

Planin

Product planning and development is a systematic approach that includes generating ideas, screening them, developing product concepts, assessing commercial feasibility, and executing product development. Key steps involve testing the product in the market and, upon successful results, launching it into full production and marketing. This process ensures that the final product meets customer demands and aligns with the company's resources and objectives.

Uploaded by

Shah Shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
8 views2 pages

Planin

Product planning and development is a systematic approach that includes generating ideas, screening them, developing product concepts, assessing commercial feasibility, and executing product development. Key steps involve testing the product in the market and, upon successful results, launching it into full production and marketing. This process ensures that the final product meets customer demands and aligns with the company's resources and objectives.

Uploaded by

Shah Shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

PRODUCT PLANNING AND DEVELOPMENT

Product planning and development involve a systematic approach to creating and


launching successful products. Product planning outlines the product's features,
target market, and go-to-market strategy, while product development focuses on
the technical aspects like coding, designing, and testing. These two phases are
crucial for identifying market needs, researching competition, and ultimately
delivering a product that meets customer demands.

Steps in Product Planning and Development

1. Generation of New Product Ideas

The first step in product planning and development is generation of ideas for
the development of new/innovative products.

Ideas may come from internal sources like company's own Research and
Development (R&D) department, managers, sales-force personnel etc.; or
from external sources like, customers, dealers, competitors, consultants,
scientists. Etc

At this stage the intention of management is to generate more and more new
and better product ideas so that the most practical and profitable ideas may
be screen subsequently

2. Screening of Ideas

Screening of ideas means a close and detailed examination of ideas, to


determine which of the ideas have potential and are capable of making
significant contribution to marketing objectives. In fact, generation of ideas is
not that significant as the system for screening the generated ideas.

The ideas should be screened properly; as any idea passing this stage would
cost the firm in terms of time, money and efforts, at subsequent stages in
product planning and development.
3. Product Concept Development
These product ideas which clear the screening stage must be developed
into a product concept - identifying physical features, benefits, price etc. of
the product. At this stage product idea is transformed into a product
concept i.e. a product which target market will accept.

4. Commercial Feasibility
At this stage, the purpose is to determine whether the proposed product
idea is commercially feasible, in terms of demand potential and the costs of
production and marketing. Management must also ensure that product
concept is compatible with the resources of the organization technological,
human and financial.

5. Product development
Product development encompasses the technical activities of engineering
and design. At this stage, the engineering department converts the product
concept into a concert form of product in view of the required size, shape,
design, weight, colour etc. of the product concept.
A model or prototype of the product is manufactured on a limited scale.
Decisions are also made with regard to packaging, brand name, label etc. of
the product.

6. Test Marketing
A sample of the product is tested in a well-chosen and authentic sales
environment; to find out consumers' reaction. In view of consumers
factions, the product may be improved further.

7. Commercialization
After the management is satisfied with the results of test marketing, steps
are taken to launch a full-fledged programme for the production,
promotion and marketing of the product. It is the stage where the new
product is born; and it enters it life cycle process.

You might also like