Product Planning Process
Generating the idea is the beginning stage in which there needs to be some research. Places to start would be to gather input from consumers to provide the consumer wants, needs, and expectations for the new product (Leahy, 2013). Accessing …show more content…
They conduct analysis that measure product specification, elimination of unacceptable features and levels, evaluation of feature level acceptability, and feature importance and validation with full profile choice sets. It is essential that marketing obtain as much information because the consumers are the ones who will be purchasing the product.
Research is going to be the key to information. The company can gain a lot of insight as to how the market is to identify any potential risk while planning a marketing strategy. Examining the competition will be a help in accessing some of the success and failures that they may have endured with a particular product. Additionally, brainstorming and floating ideas among members is an ideal way to yield possible products and a way to pursue them. Many firms are seeking external sources for new ideas (Kotler & Keller, …show more content…
At this point, concentration should be made on assuring that the product is acceptable to consumers. The purpose in the concept is that it looks for consumers that will prefer products that have better quality, performance and features as opposed to a normal product. However, Apple is one company that does not have to worry about this concept because of their innovative and diverse products that consumers enjoy.
Once it has been shown that the concept is a success, it is now time to conduct a business analysis to look at its marketability, costs and viability of the product idea. The objective at this stage is to determine forecast for the size of the market, what the operational costs will be and look at financial projections. The main focus at this stage is to examine if the new product will fit into the organizations mission and strategy.
During the marketing strategy, there will be discussion on how the new product will be launched within the current market. This proposed strategy will provide a layout that would include the product, place, price, and promotion, market segmentation that will divide the target market into categories, and positioning along with the expected sales and