Product Planning and Market Strategies | Marketing Management - B Com PDF Download

 Page 1


PRODUCT PLANNING
Page 2


PRODUCT PLANNING
What is a product?
? A product is anything that can offered to market for 
attention, acquisition ,use, consumption that might 
satisfy a want or need.~Philip Kotler
? Products can be both tangible(eg mobile phones) 
and intangible(eg service by a doctor)
? To create successful new products, the company 
must: – understand it’s customers, markets
and competitors .
Page 3


PRODUCT PLANNING
What is a product?
? A product is anything that can offered to market for 
attention, acquisition ,use, consumption that might 
satisfy a want or need.~Philip Kotler
? Products can be both tangible(eg mobile phones) 
and intangible(eg service by a doctor)
? To create successful new products, the company 
must: – understand it’s customers, markets
and competitors .
Why product fails?
• Doesn’t match current company objectives
• Incorrectly positioned, priced, or advertised
• Overestimating market size
• Poor marketing research
• Obsolete
• No longer profitable
• Excessive development costs
Page 4


PRODUCT PLANNING
What is a product?
? A product is anything that can offered to market for 
attention, acquisition ,use, consumption that might 
satisfy a want or need.~Philip Kotler
? Products can be both tangible(eg mobile phones) 
and intangible(eg service by a doctor)
? To create successful new products, the company 
must: – understand it’s customers, markets
and competitors .
Why product fails?
• Doesn’t match current company objectives
• Incorrectly positioned, priced, or advertised
• Overestimating market size
• Poor marketing research
• Obsolete
• No longer profitable
• Excessive development costs
What is product planning?
? Product planning is the process of creating a 
product idea and following through on it until the 
product is introduced to the market. Product 
planning entails managing the product throughout 
its life using various marketing strategies, including 
product extensions or improvements, increased 
distribution, price changes and promotions.
? It starts with the generation of idea and continues 
till the time the product is ready to be launched in 
the market.
? Proper product planning is sine qua non for the 
growth of a firm , absence of product planning 
would lead to wastage of time and resources.
Page 5


PRODUCT PLANNING
What is a product?
? A product is anything that can offered to market for 
attention, acquisition ,use, consumption that might 
satisfy a want or need.~Philip Kotler
? Products can be both tangible(eg mobile phones) 
and intangible(eg service by a doctor)
? To create successful new products, the company 
must: – understand it’s customers, markets
and competitors .
Why product fails?
• Doesn’t match current company objectives
• Incorrectly positioned, priced, or advertised
• Overestimating market size
• Poor marketing research
• Obsolete
• No longer profitable
• Excessive development costs
What is product planning?
? Product planning is the process of creating a 
product idea and following through on it until the 
product is introduced to the market. Product 
planning entails managing the product throughout 
its life using various marketing strategies, including 
product extensions or improvements, increased 
distribution, price changes and promotions.
? It starts with the generation of idea and continues 
till the time the product is ready to be launched in 
the market.
? Proper product planning is sine qua non for the 
growth of a firm , absence of product planning 
would lead to wastage of time and resources.
Benefits of product planning~
? Efficient Service to Customers- enabling production to be 
conducted in accordance with the time schedules and 
therefore deliveries are made on promised dates
? Co-Ordination- It serves to co-ordinate the activities of plant 
and results in a concerted effort by workmen 
? Effective Utilization of Resources- It reduces the loss of 
time by the workers waiting for materials and makes most 
effective use of equipments. 
? Cost Reduction- Production control programmes minimizes 
the idleness of men and machines .
? Avoidance of Bottlenecks- The incomplete work does not 
get accumulated.