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THE PROCESS OF PRODUCT PLANNING AND DEVELOPMENT IN MARKETING
TABLE OF CONTENTS
Cover – – – – – – – – – – i
Title – – – – – – – – – – ii
Declaration- – – – – – – – – iii
Approval – – – – – – – – – – iv
Dedication – – – – – – – – – v
Acknowledgement- – – – – – – – vi
Preface- – – – – – – – – – viii
1.1 Background of the subject matter- – – – – 3
2.1 Production Definition – – – – – – – 11
2.2 Product Concept.- – – – – – – 13 2.3 The product mix and line- – – – – – 15
3.0 Introduction – – – – – – – – 35 3.1 Summary- – – – – – – – – 35
Bibliography- – – – – – – – 39
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
If the result of the business analysis are favourable then a product development will commenced.
This extended essay has essentially been undertaken for the under mentioned reasons:
Principally, it is undertaken in partial fulfillment for the award of the National Diploma in Business Studies, Department of Business Administration and Management of Studies of the Kaduna Polytechnic.
The findings would be of immense of use to the process of product planning and development in marketing.
This essay would be source of reference to any student who may desire to carry out research on motivational factors. It is also hoped that it would be a source of reference to my sponsor when the need arise.
1.3 OBJECTIVE OF THE ESSAY
The main objective of this essay writing is to highlight the importance of product planning and development to marketing organization.
1.4 LIMITATION OF THE ESSAY
It is natural that an extended study of this nature is never conducted without some inhibiting factors. The following however are the constraints of this study.
1.5 DELIMITATION OF ESSAY
A well planned and developed product of help to improve the living stand of the people due to it quality, performance, recommendation e.t.c. to it consumers.
If a product is performing it function according to the expectation of the users or consumers need, it will create good image to such organization above other organization whose product does not achieve such opportunity.
A well planned and sound developed product couple with it performances in satisfying users need, will attract more patronage, the volume of sales and income to the organization which the other hand gives and opportunity to such organization to expand toward achieving better result.
An effective planning and development process of a product help in creating idea for discovering new product. Such product its no rival may boom very well due to monopolistic advantages.
1.6 DEFINITIONS OF TERMS
The terms below are explained in the context of the study
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