THE PROCESS OF PRODUCT PLANNING AND DEVELOPMENT IN MARKETING
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CHAPTER ONE
1.0 Introduction- – – – – – – – 1
1.1 Background of the subject matter- – – – – 3
1.2 Significance of the essay- – – – – – 5
1.3 Objective of the essay- – – – – – – 6
1.4 Limitation of the essay- – – – – – 6
1.5 Delimitations of the essay – – – – – – 7
1.6 Definition of terms- – – – – – – 9
CHAPTER TWO – Literature Review
2.0 Introduction – – – – – – – – 11
2.1 Production Definition – – – – – – – 11
2.2 Product Concept.- – – – – – – 13 2.3 The product mix and line- – – – – – 15
2.4 Product level composition – – – – – – 16
2.5 New product development process- – – – 18
2.6 The product life cycle- – – – – – – 22
2.7 Reason for new product failure- – – – – 24
2.8 Product distribution strategy- – – – – – 29
2.9 Product differentiation – – – – – – 32
CHAPTER THREE – Summary, Conclusion & Recommendation
3.0 Introduction – – – – – – – – 35 3.1 Summary- – – – – – – – – 35
3.2 Conclusion- – – – – – – – – 36
3.3 Recommendation- – – – – – – 37
Bibliography- – – – – – – – 39
CHAPTER ONE
1.0 INTRODUCTION
Marketing concentrate on the buyers or consumers determining their needs and desires, educating the regard to the availability of products and to important products features developing strategies to persuade them to buy and finally enhancing their satisfaction with purchase, marketing management includes researching, planning, organizing, directing and controlling promotion and servicing.
In most of these decisions – making department has complete control in other, in addition the physical distribution of the products determining the channels that will be used and supervising the efficient flow of goods from the factory to warehouse.
It was a business assumption that only through product planning and development that company can offer a highly qualitative product to the customers or users, which may even compete favourably with the competitor’s product.
Although, the economist would want us to believe that competition focus on the prices alone. But to the marketers and other businessmen, competition could also take place in terms of product quality and features, which can be successfully achieved through product planning and development process.
The entire activity is very broad, it involves making decision on all practical issues relating to product and product life cycle, product development process and product distribution strategies e.t.c.
All demand the effort of a number o f individuals and their job function over a considerable period of time. It also involves large sum of money in planning and developing a qualitative product that will be generally acceptable to the consumers or users.
Since most companies or business organizations wants to ensure productivity, profitability and survival in business, it then become very important for main regular product planning and development as the only influential strategies for productive and profitability.
1.1 BACKGROUND OF THE SUBJECT MATTER
The decision to write on the topic the process of product planning and development in marketing, is because of the importance of product development in marketing activities concern. It however comprises procedures or stages to follow in carrying out the planning of developing the product, which in the long run bring about bottle needs to some organization.
Different techniques have been applied to make sure that adequate process and planning in product development must be taken place, such as idea generation, idea screening, business analysis, product development, test-marketing and commercialization.
However, guided by a company, the process of product planning and development in marketing activities is best developed through a series of stages mentioned, the formal development of new products provide benefits such as improved team work, less rework, earlier failure detect shorter development times, and most important – higher success rate.
At each stage or series management must decide whether to the next stage, abandon the product, or seek additional information. From their potential customer as their best sources for new product ideas. Then the management will screen new product idea and evaluated to determine which one warrant further study.
Therefore the management will
a. Identifies product features
b. Estimate market demand, competitors and product profitability
c. Also to establish program to develop the product, and
d. Assigns responsibility for further study of the product feasibility.
If the result of the business analysis are favourable then a product development will commenced.
1.2 SIGNIFICANCE OF THE ESSAY
This extended essay has essentially been undertaken for the under mentioned reasons:
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