Marketing Planning And Development Process Essay
Product Planning and Development Process
Let us start by understanding that a product is anything that can be offered to a market that satisfies a want or need to include physical goods, services, experiences, events, person, place, properties, organizations, information and ideas (Kotler & Keller, 2012). In order for companies to create successful products the company must be able to understand its customers, markets and competitors along. They must also have ability to develop and deliver a better value to its customers. As products go through a life cycle the planning process aids in making decision about production and sale of the specified product or services. Product development requires companies to gather ideas and propose them as potential product offerings. It is the production of these ideas utilizing information both internal and external to companies that begin to from a product offering.
Products can fail for a number of reasons to include not meting company objectives…