Product Planning Assignment Help
Grasp the Concept of Product Planning With Myhomeworkhelp.com
Problems understanding the very concept of product planning? It is natural to encounter such problems as product planning is based on acute analysis of marketing trends. The topic cannot be entirely ignored by students as it forms the very basis of marketing a product. To simplify matters, it is important to understand the basic concept of this particular topic to proceed further with the topic. Product planning homework help can help you to achieve such an objective.
About the subject:
Product planning is defined as the process that deals with identifying the characteristics features of a product based on which the price, distribution, target market, etc. is decided. It is one the basis of such strategies that the concept of a product is developed and launched into the market. It comprises of formulating new strategies to maintain its distribution. It is essential for a business to develop a strong product plan to ensure that its launch is successful with a good life expectancy in the market.
Product planning assignment help from Myhomeworkhelp.com helps you to understand the consequences of an effective product planning. With our help, you can rest assured to learn from our solution while investing very little effort into your work.
Why is product planning needed?
The reasons for opting for product planning are various. Undoubtedly, it is done to improve the sales related to a product. With product planning assignment help you can learn how to plan effectively. But first, learn about the reasons that make the management devise such strategies:
- Replacement or improvement of obsolete products.
- In order to increase the revenue of the firm related to a particular product.
- To develop new and better products as per new technological standards.
- Use least amount of resources to cater to customer needs in developing new products.
- To compete with similar businesses.
What are the four stages of product planning?
Product planning comprises of four crucial stages. Termed as the four gates, it is these four stages that render how effective the strategy will be. These are:
- The conception of the product where an idea is developed based upon the needs of the customers
- Market research where the product is defined, and its value is evaluated. It is presented as a solution to an existing problem of the customers and viewed as an opportunity. An analysis of the competition is done at this stage.
- Introduction of the product which consists of marketing and advertising involving a specific region initially. Based on the results, it is either expanded or contracted upon.
- Management of the product through its four life cycles, namely- introduction, growth, maturity and decline.
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