A STUDY INTO THE PROCESS OF PRODUCT PLANNING AND DEVELOPMENT IN MARKETING
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Marketing concentrate on the buyers or consumers determining their needs and desires, educating the regard to the availability of products and to important products features developing strategies to persuade them to buy and finally enhancing their satisfaction with purchase, marketing management includes researching, planning, organizing, directing and controlling promotion and servicing.
In most of these decisions â€“ making department has complete control in other, in addition the physical distribution of the products determining the channels that will be used and supervising the efficient flow of goods from the factory to warehouse.
It was a business assumption that only through product planning and development that company can offer a highly qualitative product to the customers or users, which may even compete favourably with the competitorâ€™s product.
Although, the economist would want us to believe that competition focus on the prices alone. But to the marketers and other businessmen, competition could also take place in terms of product quality and features, which can be successfully achieved through product planning and development process.
The entire activity is very broad, it involves making decision on all practical issues relating to product and product life cycle, product development process and product distribution strategies e.t.c.
All demand the effort of a number o f individuals and their job function over a considerable period of time.Â It also involves large sum of money in planning and developing a qualitative product that will be generally acceptable to the consumers or users.
Since most companies or business organizations wants to ensure productivity, profitability and survival in business, it then become very important for main regular product planning and development as the only influential strategies for productive and profitability.
1.1 BACKGROUND OF THE SUBJECT MATTER
The decision to write on the topic the process of product planning and development in marketing, is because of the importance of product development in marketing activities concern.Â It however comprises procedures or stages to follow in carrying out the planning of developing the product, which in the long run bring about bottle needs to some organization.
Different techniques have been applied to make sure that adequate process and planning in product development must be taken place, such as idea generation, idea screening, business analysis, product development, test-marketing and commercialization.
However, guided by a company, the process of product planning and development in marketing activities is best developed through a series of stages mentioned, the formal development of new products provide benefits such as improved team work, less rework, earlier failure detect shorter development times, and most important â€“ higher success rate.
At each stage or series management must decide whether to the next stage, abandon the product, or seek additional information.Â From their potential customer as their best sources for new product ideas.Â Then the management will screen new product idea and evaluated to determine which one warrant further study.
Therefore the management will
- Identifies product features
- Estimate market demand, competitors and product profitability
- Also to establish program to develop the product, and
- Assigns responsibility for further study of the product feasibility.
If the result of the business analysis are favourable then a product development will commenced.
- SIGNIFICANCE OF THE ESSAY
This extended essay has essentially been undertaken for the under mentioned reasons:
Principally, it is undertaken in partial fulfillment for the award of the National Diploma in Business Studies, Department of Business Administration and Management of Studies of the Kaduna Polytechnic.
The findings would be of immense of use to the process of product planning and development in marketing.
This essay would be source of reference to any student who may desire to carry out research on motivational factors. It is also hoped that it would be a source of reference to my sponsor when the need arise.
1.3 OBJECTIVE OF THE ESSAY
The main objective of this essay writing is to highlight the importance of product planning and development to marketing organization.
- To provide suggestion and recommendation to marketing organization to words product planning and development.
- To outline the procedures of product planning and development.
- To examine the problems associated with product planning and development.
- To provide useful source of information regarding product development and planning as a strategy in marketing
1.4 LIMITATION OF THE ESSAY
It is natural that an extended study of this nature is never conducted without some inhibiting factors.Â The following however are the constraints of this study.
- INADEQUATE TIME â€“ Academic programs of the institution are usually plan ahead and each program has its own period of execution, and implementation combining class work, and essay written is not an essay task much time is consumed in moving form one place to the other.
- FINANCE â€“ The research study requires a lot of finance in order to get the activities implemented accordingly.Â For finance reason the writer could not get all the necessary material needed.
- Due to the fact that there was time constraint because the writer had to face lectures and only squeezed time to go to library to get relevant text books.
1.5 DELIMITATION OF ESSAY
1. IMPROVING STANDARD OF LIVING
A well planned and developed product of help to improve the living stand of the people due to it quality, performance, recommendation e.t.c. to it consumers.
2. PROMOTING THE IMAGE OF THE ORGANIZATION
If a product is performing it function according to the expectation of the users or consumers need, it will create good image to such organization above other organization whose product does not achieve such opportunity.
3. IT INCREASE SALES AND INCOME TO THE ORGANIZATION
A well planned and sound developed product couple with it performances in satisfying users need, will attract more patronage, the volume of sales and income to the organization which the other hand gives and opportunity to such organization to expand toward achieving better result.
4. OPPORTUNITY FOR NEW PRODUCT
An effective planning and development process of a product help in creating idea for discovering new product.Â Such product its no rival may boom very well due to monopolistic advantages.
1.6 DEFINITIONS OF TERMS
The terms below are explained in the context of the study
- Product: Product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need.Â It includes physical objects, service personâ€™s place, organization and ideas.
- Product mix: – Is the complete range of the company product service and brands aimed at all of the relevant target markets and market segment.
- Product line: – Is when a product sold to the same customer have the same uses or go through the same distribution channel.
- Product developing: – It is the stage at which the product type is put into practice and come out with a tangible product.
- Marketing: – Is the process by which people get what they need and went through the exchange of product and services with other.
- Literature review: – A search of statistic trade journals, magazines and other books for data or insight into the problems at hand.
- Product differentiation: – Is the act of designing a set of difference to distinguish the company product from competitorâ€™s product.
- Price: –Â In economics value of things measured in term of what the buyers in a market will be given in exchange for them.
- Business: – Complex economic operation concerning those function that govern the production, distribution and sale of goods and services for the benefit of the buyer and the profit of the seller.