Week 8 - Product Planning and Management
Product planning and management is a central component of marketing because it’s a narrowing down process that could lead to success. Sometimes there could be a perceived gap in the market and consumers want a new product that can fulfill their needs. This is when product planning and management comes into the picture. The product needs to be desirable and be unique enough that it satisfies the consumer or else it will fail. If the product is feasible and can be created then the product planning and management phase can be put into high gear. The most important aspects of the product planning and management stage that I saw are as follows. Concept development is something I thought was important because a company can start getting feedback from consumers who can use a prototype of the product they are trying to sell. This can help a company figure out what the consumers want improved and what is missing in the product prototype. The second aspect I thought was important is the marketing strategy and that is where marketers figure out their target market and narrow down who will actually buy their product. The product design will also take shape during the marketing strategy and the company will start having an idea of what exactly the product will look like. Lastly, I thought test marketing was important because you can actually see the feedback of your target market and act upon it. After all of that then the product can enter into the market because every base has been covered. This is when the product life cycle begins and a company has stay on top of it to really get everything out of that product. The product planning and management stage is very important because it can decide either success or failure. Next, I will be talking further about why the product planning and management stage is so important.
The product planning and management stage is important because of 4 main reasons. The first reason is that you can get everyone’s input during this stage from the sales team, shareholders, customer support team, and many more people. It allows everyone to be heard and nothing is left unsaid. The most important thing about this is that you can hear feedback from the consumers and that can promote success. The second reason product planning and management is important is because it allows you to comb through all the ideas and find the correct one. Once the right idea is found then it can be refined and polished to everyone’s satisfaction. The third reason product planning and management is important is because a company can use the time to analyze the market. It allows marketers to document what’s working well with consumers, the trends that are bringing in the most money, and how much similar products are selling for. It allows marketers and developers to see what’s missing from similar products and add them to their own to get an advantage. The fourth reason product planning and management is important is because it can help you organize and develop a clear time line. A target date can be set and it focuses everyone on the task at hand without promoting laziness. Although time lines should not be too restrictive because they might end in failure. There might be a few different ways product planning and management are important but these are the main reasons I have consistently seen.
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