What is Product Planning and Development? Need and Components for New product Development.

Product Planning and Development

Each concern has different details for their product planning and development. They come in three phases:

i) First, new product ideas are made. The planners assess the scope and importance of identifying market wants through marketing studies and buyer behavior, and appraise the extent to which present goods meet them. The company’s Capabilities are recognized as such based on science and professional knowledge of the need for new goods.

ii) In the second part, the competitive market situation is studied with the company resources. A market study is seriously carried out so that the size and type of marketing company may be known. An expert in business resources shows the adequacy of plant capacity, product service centers, and marketing outlets engineering skills and other human tools. Relative income, target The business segment and opportunity to achieve product leadership are known.

iii) In the third step, the product is actually created, and management gets the program, and the project is completed. This includes the general plan for the goods in eventual marketing.

Components of Product Development

Product planning and development is a complicated process that involves a number of different components. These components can vary based on the individual product and the company’s goals, but some common components include:


Idea generation:The first step in product planning and development is to create ideas for new goods. This can be done through brainstorming, market studies, or customer input.

Product screening:Once a number of ideas have been created, they need to be screened to determine which ones are most likely. This includes analyzing the ideas based on factors such as market potential, feasibility, and profitability.

Concept testing:The next step is to test the concepts of the most promising ideas with possible customers. This helps to ensure that the goods actually meet the wants of customers.

Business analysis:The business analysis step includes a more detailed study of the possible products. This includes evaluating the industry, the competition, and the financial effects of the goods.

Product development: The product development part includes designing, testing, and manufacturing the goods. This is a complicated and time-consuming process, but it is important to ensure that the goods are high-quality and meet the needs of buyers.

Test marketing:Before starting a new product, it is often a good idea to test-market it in a small area. This helps gauge the response of potential customers and make any necessary adjustments before launching the product on a larger scale.

Commercialization:The final step in product planning and development is to launch the product and make it available to customers. This includes promoting and spreading the product and ensuring that it is successful in the marketplace.

The product planning and creation process can be a long and challenging one, but it is important for businesses that want to make successful products. By understanding the different components of the process, businesses can improve their chances of success.

Some extra components of Product Development

Here are some extra components that may be involved in product planning and development:

Marketing research: This includes collecting and analyzing data about customers, rivals, and the marketplace.

Object design: This includes creating the physical appearance and usefulness of the object.

Packaging:This includes creating the packaging for the product.

Pricing:This includes determining the price of the goods.

Distribution:This includes getting the product to customers.

Sales and marketing: This includes pushing and selling the goods to customers.

The exact components of product planning and development will vary based on the product and the company’s goals. However, by understanding the common components of the process, businesses can improve their chances of success.

Development of New Products

Some goods are found by chance; others, like the Canon personal copier, are the result of a careful, methodical process of product development, such as the process seen.

Step 1: marketers create ideas by looking inside and outside the company.

Step 2: marketers screen the ideas and then pick the most promising for further study.

Step 3: the best ideas are studied further to define the product idea to understand how the new products would connect to other goods in the line and to decide how much of the company’s resources it would require.

Step 4: marketers begin to build the product, which can be an interior or external action.

Step 5: the new product is tested and sold in a number of marketing mixes are assessed. Finally, in step

Step 6: marketers sell the product by starting production and applying the chosen marketing mix.

Need for new product development

Basic needs of a new product: There are certain base needs for a new product:

a) Customer or customer acceptance; b) Satisfactory performance; c) Economical production; d) Adequate distribution in depth and breadth; e) Effective packing and branding; f) Adequate service where needed after the production is sold; g) Ultimate replacement

The final replacement is an important point. The concern can stay in business only if it comes regularly with new products that will replace the old ones that are becoming useless. Due to research and development, new goods have come to help the customer. Many uses that were thought impossible have now become common. It is through study and development. New uses of existing ones are known, and obsolescence is saved due to replacements and competitive products.

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