Answer to Question #186467 in Macroeconomics for sushant

Question

As a newly appointed Product Manager by Balaji wafers, you are asked to develop New Product Planning for new flavor of potato wafer. How would you develop new product planning process?

Answer 1

The process of planning new products can be divided into the following stages:

1) Idea generation - a constant systematic search for opportunities to create new products. It includes the identification of sources of new ideas and methods of their creation. Sources of ideas can be employees, sales channels, competitors, government, etc.

2)Product evaluation: Product selection: exclude bad, inappropriate ideas from further consideration

3) Idea verification: feedback from consumers about their ideas and products, it is necessary to present the intended product to the consumer and measure their attitude and intention to make a purchase at this early stage of development.

4) Economic analysis: analysis of demand forecasts, costs, expected capital investments and profits).

5)Product development: the idea is put into physical form and the basic marketing strategy is defined

6)Trial marketing is a trial implementation of a product monitoring the actual development of a marketing plan

7)Commercial implementation: implementation of the entire marketing plan and full-scale production,