Answer to Question #194870 in Management for Salil M

Question

As a newly appointed product manager by Balaji wafers you are asked to develop new product planning for new flavour of potato wafers. How would you develop new product planning process?

Answer 1

The initial stage in the product planning procedure is solely conceding the client’s needs and preferences and enunciating the market demands. This offers the foundation for valuing, commercials, marketing approaches, and supply. After this, managers join hands to create new ideas and recognize the critical challenges in the market. Through this, managers will appraise competitors to realize their stakes and weaknesses within the market and finally identify the crucial areas of benefit they can capitalize on.

The subsequent step is market research, including both qualitative and quantitative research. This is piloted via phone reviews to describe the performance of the services or products supplied in the market and describe customer segmentations concerning brand scopes, which distinguish trademarks to agree on product positioning, packing, growth, marketing, and trademark image. Interviews are implemented when managing Qualitative market research to discover customer conducts, the desires that direct these comportments, and their association with the products.

Another significant stage within the planning procedure is the management of the product life cycle via the introduction, growth, maturity, and decline stage, which aids in analyzing the marketplace and comprehend if the product will be prosperous. In case the planning procedure is effective, the firm focuses on the successive phase. It commences working on the concept, creating the sample, examining it, humanizing, and adjusting it until success is attained. The business inaugurates the product into the marketplace to gauge its performance.