Basic Idea behind product Planning: (i) Appraisal of exiting product Lines and Individual products. ` (2) Decision on product differentiation (3) Product positioning (4) Brand decisions (5) Decisions on packing (6) New Product Development Product Development : Developing a product or service involves defining the benefits that it will offer to the buyers. These benefits are communicated and delivered by product attributes such as quality, features and design. The product development involves all those activities which are described below: Product Quality Product features Product design Branding Packaging Labeling Customer Support Services New Product Development:- New Pr4oduct Development is one of the most important components of product policy and product management. A progressive form must always consider new product development as a cardinal element of its product policy. IDEAS For more detail :-
Significance of New Product Development : (i) For meeting the changes on demands. (ii) For making new profits. (iii) To meet the threats arising from environment. Q. What are the stages involved in product development? Ans. Stages in product Development. Q. What do you mean by marketing research? Explain its objectives, importance and scope of marketing research? Ans. Marketing Research is concerned with the systematic and objective collection analysis and evaluation of information about specific aspects of marketing problems on order to help Management to make effective decision. Definition :- According to cundiff and still ,”Marketing research is the systematic gathering recording of analyzing of data about marketing problems inwards the end of providing information useful in marketing decision-making.” Objectives of Marketing Research Significance Generating new product ideas Idea Screening Concept Testing Business Analysis & Market Analysis Actual Product Development Test marketing and Commercialization For more detail :-
• To define the characteristics of the market for specific products. • To study the size of the market and market demands. • To study the nature and types of products already existing in the market. • To study the territorial sales products. • To study the competitors’ brands and their protection under regulation provisions. • To study the economic factors affecting sales including the need for consumer credit. • To study the consumer behavior and bungling motives. • To study the Geographical structure of the market. • To study the comparative effectiveness of distribution channel. • To study the company’s expected share in the market. Importance : • Effective decision making • Marketing strategy • Helps to understand the brand preferences in fashion etc.
- Spring '19