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MP 4 Prod Planning

The Product Planning Process

TermDefinition
Generating Ideas new product ideas are developed from customers, employees, competitors, and channel members
screening ideas ideas are measured (evaluated) to see if they will meet the strategies/needs of the company
develop a business proposal in this step, a written report is presented with the information about the market, the competition,, the cost to produce, how to sell and market, and how much profit might be made and presented to the decision makers
developing the product new idea takes a physical shape and marketing strategies are developed
testing the product with consumers focus groups and other types of marketing research are conducted to determine if the product will be successful - usually just to a small area of consumers
introduce the product also called commercialization. This is when the product is marketed/promoted. Very expensive lots of advertising costs
evaluate customer acceptance in this stage, sales information is studied to determine if customers bought the product and if the advertising was effective
Created by: janice ritchey
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