Here are the phases of new product planning?
When a new product is launched in the market, it comes as a solution to various expectations. Isn’t it? But, nobody knows the back story. How difficult it is to bring a product in the market that specifically meets your needs and aspirations. This comprehensive guide will help you to learn some vital and necessary things about the phases of product planning. The best part about the product plan is that it reduces the time to market and hence provides more revenue. For a successful product launch, it is mandatory to have a go-to marketing strategy as well as complete planning. Developing a new product comes with various responsibilities, and you may come across several challenges. Planning is a single word but contains hell lot of terms inside it. From generating ideas to distributing the new product, you will have to go through different phases in order to make a successful deployment. The plans are divided into different phases, and you can understand them by going through the blog properly.
Formulating ideas
The first stage aims at searching for new ideas for the product. You can come up with new ideas by taking help from a variety of sources, and some of these ideas are perfect enough to be successful. The best and the most important source of these ideas are the customers, and you must look for their needs and requirements in order to generate new product ideas. So product planning begins with creating ideas.
Evaluation
Here in the second stage, you need to evaluate the product ideas that have been generated critically. You will have to screen these ideas to abandon further examination of those which are not related to the product or not required. Product ideas are expected to ensure profitability, customer satisfaction, a firm’s image, and a good market share. It is a fact that all the ideas will not be accepted because some plants require a huge amount of investments. Hence screening allows investors to reject some ideas which are unsuitable for many reasons. Just profitable and promising ideas are selected for further process.
Testing the concept
After the screening stage, the next stage is called concept testing. Using a group of target customers, this process is done to check out if it has a strong customer appeal. The main thing which is tested here is the product concept that if consumers understand this idea, they need this product if they will try out this product or not. This place also helps companies who bring the concept of product into clear focus and allows them to select the best among the alternatives.
Market analysis
This page has a special kind of important because it is here when important decisions are taken related to the project. Analysis of cost sales profits is taken into consideration. Other estimates are related to complete its changes as well as environmental changes that affect the life cycle of the product. The business analysis consists of financial commitment to future demand and return. The specialists understand the situation with the help of risk analysis and break-even analysis. It actually works wonders in proving the economic prospects of the newly generated product.
Development
All those ideas which were limited to paper are now converted into product. The product is designed so that it meets all the needs and requirements of the customers. Product development basically refers to the rise and introduction of new products in the market. These are created to give proper satisfaction to the customers and hence to avail brand recognition in the market.
Test marketing
It involves trial and error method to understand what is likely to happen when a product comes into the market. It is conducted and planned in some geographical regions by promoting new products. The primary purpose behind doing this is to watch out consumers’ reactions. It works wonders in uncovering the faults in the product and where it needs attention. By doing this, marketers avoid future problems and difficulties.
Introduction in the Market
Well, it is the final and the last stage of product planning. Here the production begins, and the program starts operating as well as product start flowing in the market for sale. It is required to compete with the products available in the market in order to secure maximum share and profits. Like human beings, products also have a lifespan cycle, and hence it is up to its perfection that people go for it or not.
You must have understood various concepts about product planning, and hopefully, this blog will be enough for you to begin planning. These are the phases all the marketers go through when it comes to new product planning. It’s not everyone’s cup of tea, and hence all of them need to be well-trained and versed with the techniques. The Product Planning Process is the stagnant process of analyzing and providing market requirements that explain a product’s feature set. The product plan is the basis for deciding the price, division, and production.
