Answer to Question #199943 in Management for Pranjal

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

Simply understanding the customer's wants/needs and then expressing market demands is the first stage in the product planning process. This only serves as the foundation for pricing, advertising, marketing tactics, and distribution. Following that, managers convene to generate new ideas and discover market concerns. They will examine competitors to identify their market shares and shortcomings and areas of an advantage they might exploit. The following step involves qualitative and quantitative market research. This is done using phone surveys to illustrate the market performance of services or products and identify customer segmentation in connection to brand characteristics that differentiate brands to decide on product positioning, packaging, development, advertising, and brand image. When doing qualitative market research, interviews are used to learn about customer behaviors, the needs that control these actions, and their link to the product. Another critical element in the planning process is controlling the product life cycle, including the stages of introduction, growth, maturity, and decline. This assists in analyzing the market and determining whether or not the product will make it or be successful. If the planning process is successful, the firm moves on to the next step. It starts working on the concept, building the prototype, testing, refining, and tweaking it until it is successful, at which point the firm pushes the product into the market to see how it performs.