Answer to Question #181152 in Management for dubey

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 first step in the product planning process is simply acknowledging the customer’s wants/needs and then articulating the market needs. This simply provides the basis for pricing, advertisement, marketing strategies and distribution. After this managers gather in order to come up with new ideas and also identify the market problems. By doing this, they will simply evaluate competitors so as to note their shares and weaknesses in the very market and lastly note areas of advantage that they can exploit. The next stage involves both qualitative and quantitative market research. This is conducted through phone surveys to depict performance of the services or product in the market and define consumer segmentations in relation to a brand dimensions that differentiate brands to decide on product positioning, packaging, development, advertising, and brand image. Interviews are put into use when dealing with Qualitative market research so as to find out the consumer behaviors, the needs that govern these behaviors, and their relationship to the product. Another important step in the planning process is managing the product life cycle through the introduction, growth, maturity, and decline stage. This simply helps to analyze the market and see if the product will make it or be successful. In case the planning process is successful, the company proceeds on to the next stage and begins working on the idea, developing the prototype; testing it, refining and modifying it until a success is achieved then the company launches the product into the market to see how it will perform.