Introduction: 1. Product Planning and Development 2. Product Line 3. Product Mix 4. Product Branding 5. Product Positioning 6. Product Packaging
Conclusion
References
Introduction:
A product is something that is produced by a firm or factory or industry and sold in the market. When it is sold easily or automatically, there is no problem. But there are thousands of products, several kinds of the same products, and millions of buyers of products actual and potential.
In a free enterprise system, there is competition among manufacturers to sell their products. So it is imperative on the part of the manufacturer to distinguish his products from that of another. Here arises the problem of product policy.
Product policy is concerned with defining the type, volume and timing of products a company offers for sale. The product policies are general rules set up by the management itself in making product decisions. Good product policies are the basis on which the right products are produced and marketed successfully. Product policies are the objectives and guide lines which determine the nature of the product or services to be marketed.
1. Product Planning and Development:
Product planning means an attempt to establish the product in line with market needs. It is defined as the act of making out and supervising the search, screening, development and commercialisation of new products, the modification of existing lines and the discontinuance of marginal or unprofitable items. The planning and development of new products, though a vital necessity for all progressive enterprises, constitute a costly process. They involve risks and hazards also.
In order to reduce the risk, a few logical steps are followed in a new product planning and development. These are as follows: Exploration:
The first step is the generation of ideas. Ideas about new products or improvement of old products or processes may come from:
(a) internal sources like salesmen, non-marketing employees, middle managers and top management,
(b) external sources like customers, distributors, advertising agencies, laboratories, private research organisations, trade associations, government agencies and the like.
Some techniques have also been developed over the years which are useful in generating ideas. Among them are gap analysis, attribute listing and brain storming, forced relationships, morphological analysis, problem identification and synectics.
Gap Analysis: Gap analysis attempts to find out gaps in the market where there exist unsatisfied consumer demand and opportunities for a new product.
