Product Planning and Development | Functions of Marketing |Research

Product Planning and Development

Product Planning and Development 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.

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 the market 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 analysing 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 fulfil the requirements of the consumers.

 

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