Product Planning

    PRODUCT PLANNING & DEVELOPMENT                              

The product planning is a marketing strategy that the firm use to find out the consumer needs and wants before the firm develop a product for the market ( all the enterprise run the risk of adding a product to the market that the market has no need of ) The product planning seeks to minimize these risks through careful by studying the marketing potential 

                     Adjusting of product to meet the needs of the markets is product planning .It is a technique applied to creation, development and marketing a new product and plan to make maximize profitability

when a producted is done the question arises what ? ' how much it cost ? when it'll launched ? quality ?

It's the proposes to match the production of the company to the requirement of consumer
 

  prof " Dale Littler,

                " product planning involves devising procedures to evaluate the performance or product and planning the modification where necessary of existing products aimed at extending their lives "

In a nutshell product planning is that crucial task concentrating on development and introduction of new products modification of the existing one to meet change needs of consumer and dropping altogether marginal or unprofitable products

The objective of product planning 

(1) Consumer needs :

                                                 The product planning is try to understand the consumer need so the product which developed by the firm can survive in the market. Consumer satisfaction is important to achieve the target sales for the firm meeting there demand is the priority of the product planning to give the firm the idea they need to develop a product for the market they are targeting

(2) Optimistic use of resource :

                                                                          The product planning give the optimistic use of resource of the firm for developing the product the planning the product involve in the resource which the firm can save the production cost

(3) Survival of the firm :

                                                         It's a strategy that allow the firm to survive in the market by targeting the consumer the firm can survive for long in the market product planning give the firm the idea of market wants and needs the firm can develop the product that the market needs the firm can achieve the targeted audience in the the market from product planning

(4) Sales increase :

                                            Understanding market is one thing but give the market what it want in a another thing

the market trend change time to time but the firm cant stick with it's one product The product planning give the firm the different wants of the firm which the firm can reach out to a large consumer audience

(5) Computation in the present market :

                                                                                                 There are many firm selling the same product in the market and they percentage of share in the market if the market is ready to take new product or the market is looking for the new product

heavy computation is a heavy burden on the firm computation kill the product before it reach it's target audience the product planing look for the computation and the product what they offer and what price they offer is the product better than ours and there quality before making decision in developing of the product

marketing is a very vast concept it been too large to understand perfectly the consumer desire change and his needs change along with keeping up with the market change is perfect way of firm survival the new consumer won't buy the same product the last consumer did the cycle of change which never stops

Concept of product planning

• product innovation
• product diverfication
• product standardization
• product elimination

The innovation is very essential to survive in the present market there are heavy computation where the firm or industry unable to innovate a new product or fail to see the product potential the firm won't last long ( innovation is a idea doing different from other even having the same product and in the same market nut offering the product at the low price, promotion .But ever Change is not innovation )

         professor Peter Drucker,

                          " innovation will change the consumer's wants, create new ones, extinguish old ones, create new ways of satisfying his wants, changing his concept of value or make it possible to give him greater value satisfaction"

 diversification bring stability to the business it'll like putting eggs in different baskets which dividing the risk in a way if the one product fail the another will survive product diversification is a risk that firm should decide to take but the reward will be greater in the product diversification .Standardization is more on the quality of the product the product have a better quality durability and the consumer it will target is also considers before standardization the product

product elimination is the stage where the product no longer have the market to sales it's the stage where is removed from the production facility in the market in no longer consuming the product means the product have decline in the sales and demand it's up to the business to decide to keep the product in the market or eliminate the product it's the last stage of the product ( product survival also depend on the consumer loyalty to words it's brand )

                                                                                                                                                                            


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