Answer to Question #195219 in Management for Heather Creed

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?

P.S. Mention name of new flavor and 7 steps of product planning

Answer 1

Avocado flavor

Steps of product planning

1.     Generation of the idea. This stage involves looking for new product ideas.

2.     Evaluation of the ideas. This involves screening of these ideas intending to abandon the ideas that are inconsistent with the firms’ product policy.

3.     Testing of concept. It aims at evaluating whether prospective customers understand the idea and whether they like it.

4.     Analysis of the market. This shows the economic prospects of the product to be developed.

5.     Development of the product. The idea of the product is implemented.

6.     Testing of the market. This is conducted in a particular geographical area to evaluate the reaction of consumers.

7.     Introduction to the market. At this stage, production and selling of the product commence.