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THE PROCESS OF PRODUCT
PLANNING AND DEVELOPMENT IN MARKETING
PREFACE
The
pieces of work has been undertaken as a partial fulfillment of the award of
National Diploma in Business Studies in Enugu Polytechnic.
The topic of the essay written on THE
PROCESS OF PRODUCT PLANNING AND DEVELOPMENT.
The essay work is divided into three (3)
chapter. The first chapter is brief
introduction of product planning and development in marketing. Its aim and objective of the essay, the scope
of the essay and finally definition of some key terms in the essay.
The second chapter is the literature
review which deals with the definition of product itself, the product mix and
line, the product level composition, new product development process, product
life cycle, why new products fail product distribution strategy and product
differentiation.
The chapter which is chapter three (3)
is based on summary, conclusion and recommendation based on the act cone of the
essay and lastly bibliography.
TABLE
OF CONTENTS
Cover
- - - - - - - - - - i
Title
- - - - - - - - - - ii
Declaration- - - - - - - - - iii
Approval
- - - - - - - - - - iv
Dedication - - - - - - - - - v
Acknowledgement- - - - - - - - vi
Preface- - - - - - - - - - viii
CHAPTER ONE
1.0
Introduction- - - - - - - - 1
1.1 Background of the subject matter- - - - - 3
1.2
Significance of the essay- - - - - - 5
1.3
Objective of the essay- - - - - - - 6
1.4
Limitation of the essay- - - - - - 6
1.5
Delimitations of the essay - - - - - - 7
1.6
Definition of terms- - - - - - - 9
CHAPTER TWO – Literature
Review
2.0
Introduction - - - - - - - - 11
2.1 Production Definition - - - - - - - 11
2.2 Product Concept.- - - - - - - 13 2.3 The
product mix and line- - - - - - 15
2.4
Product level composition - - - - - - 16
2.5
New product development
process- - - - 18
2.6
The product life cycle- - - - - - - 22
2.7
Reason for new product
failure- - - - - 24
2.8
Product distribution
strategy- - - - - - 29
2.9
Product differentiation - - - - - - 32
CHAPTER THREE – Summary,
Conclusion & Recommendation
3.0 Introduction - - - - - - - - 35
3.1 Summary- - - - - - - - - 35
3.2
Conclusion- - - - - - - - - 36
3.3
Recommendation- - - - - - - 37
Bibliography- - - - - - - - 39
CHAPTER ONE
1.0 INTRODUCTION
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 – 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 competitor’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. 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.
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 – higher success rate.
At each stage or series management must decide whether to
the next stage, abandon the product, or seek additional information. From their potential customer as their best
sources for new product ideas. Then the
management will screen new product idea and evaluated to determine which one
warrant further study.
Therefore the management will
a.
Identifies product features
b.
Estimate market demand,
competitors and product profitability
c.
Also to establish program to
develop the product, and
d.
Assigns responsibility for
further study of the product feasibility.
If the result of the business analysis are favourable then
a product development will commenced.
1.2
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 Enugu 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.
1.
To provide suggestion and
recommendation to marketing organization to words product planning and
development.
2.
To outline the procedures of
product planning and development.
3.
To examine the problems
associated with product planning and development.
4.
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. The following however are the constraints of
this study.
1.
INADEQUATE TIME
– 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.
2.
FINANCE –
The research study requires a lot of finance in order to get the activities
implemented accordingly. For finance reason
the writer could not get all the necessary material needed.
3.
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.
An
effective planning and development process of a product help in creating idea
for discovering new product. 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. It includes physical objects,
service person’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 competitor’s product.
-
Price: - 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.
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