3.0 Introduction - - - - - - - - 35
3.1 Summary- - - - - - - - - 35
3.2
Conclusion- - - - - - - - - 36
3.3
Recommendation- - - - - - - 37
Bibliography- - - - - - - - 39
CHAPTER ONE
1.0 INTRODUCTION
Marketing
concentrate on the buyers or consumers determining their needs and desires,
educating the regard to the availability of products and to important products
features developing strategies to persuade them to buy and finally enhancing their
satisfaction with purchase, marketing management includes researching,
planning, organizing, directing and controlling promotion and servicing.
In most of these decisions – making department has
complete control in other, in addition the physical distribution of the
products determining the channels that will be used and supervising the
efficient flow of goods from the factory to warehouse.
It was a business assumption that only through product
planning and development that company can offer a highly qualitative product to
the customers or users, which may even compete favourably with the competitor’s
product.
Although, the economist would want us to believe that
competition focus on the prices alone. But to the marketers and other
businessmen, competition could also take place in terms of product quality and
features, which can be successfully achieved through product planning and
development process.
The entire activity is very broad, it involves making
decision on all practical issues relating to product and product life cycle,
product development process and product distribution strategies e.t.c.
All demand the effort of a number o f individuals and their
job function over a considerable period of time. It also involves large sum of money in
planning and developing a qualitative product that will be generally acceptable
to the consumers or users.
Since most companies or business organizations wants to
ensure productivity, profitability and survival in business, it then become
very important for main regular product planning and development as the only
influential strategies for productive and profitability.
1.1 BACKGROUND
OF THE SUBJECT MATTER
The
decision to write on the topic the process of product planning and development
in marketing, is because of the importance of product development in marketing
activities concern. It however comprises
procedures or stages to follow in carrying out the planning of developing the
product, which in the long run bring about bottle needs to some organization.
Different
techniques have been applied to make sure that adequate process and planning in
product development must be taken place, such as idea generation, idea
screening, business analysis, product development, test-marketing and
commercialization.
However,
guided by a company, the process of product planning and development in
marketing activities is best developed through a series of stages mentioned,
the formal development of new products provide benefits such as improved team
work, less rework, earlier failure detect shorter development times, and most
important – higher success rate.
At
each stage or series management must decide whether to the next stage, abandon
the product, or seek additional information.
From their potential customer as their best sources for new product
ideas. Then the management will screen
new product idea and evaluated to determine which one warrant further study.
Therefore the management will
a.
Identifies product features
b.
Estimate market demand, competitors and
product profitability
c.
Also to establish program to develop the
product, and
d.
Assigns responsibility for further study of
the product feasibility.
If
the result of the business analysis are favourable then a product development
will commenced.
1.2
SIGNIFICANCE OF THE ESSAY
This
extended essay has essentially been undertaken for the under mentioned reasons:
Principally,
it is undertaken in partial fulfillment for the award of the National Diploma
in Business Studies, Department of Business Administration and Management of
Studies of the Kaduna Polytechnic.
The
findings would be of immense of use to the process of product planning and
development in marketing.
This
essay would be source of reference to any student who may desire to carry out
research on motivational factors. It is
also hoped that it would be a source of reference to my sponsor when the need
arise.
1.3 OBJECTIVE OF THE ESSAY
The
main objective of this essay writing is to highlight the importance of product
planning and development to marketing organization.
1.
To provide suggestion and recommendation to
marketing organization to words product planning and development.
2.
To outline the procedures of product planning
and development.
3.
To examine the problems associated with
product planning and development.
4.
To provide useful source of information
regarding product development and planning as a strategy in marketing
1.4 LIMITATION OF THE ESSAY
It is
natural that an extended study of this nature is never conducted without some
inhibiting factors. The following
however are the constraints of this study.
1.
INADEQUATE TIME –
Academic programs of the institution are usually plan ahead and each program
has its own period of execution, and implementation combining class work, and
essay written is not an essay task much time is consumed in moving form one
place to the other.
2.
FINANCE – The
research study requires a lot of finance in order to get the activities
implemented accordingly. For finance
reason the writer could not get all the necessary material needed.
3.
Due to the fact that there was time constraint
because the writer had to face lectures and only squeezed time to go to library
to get relevant text books.
1.5 DELIMITATION OF ESSAY
1. IMPROVING STANDARD OF LIVING
A
well planned and developed product of help to improve the living stand of the
people due to it quality, performance, recommendation e.t.c. to it consumers.
2. PROMOTING THE IMAGE OF THE ORGANIZATION
If a
product is performing it function according to the expectation of the users or
consumers need, it will create good image to such organization above other
organization whose product does not achieve such opportunity.
3. IT INCREASE SALES AND INCOME TO THE
ORGANIZATION
A
well planned and sound developed product couple with it performances in
satisfying users need, will attract more patronage, the volume of sales and
income to the organization which the other hand gives and opportunity to such
organization to expand toward achieving better result.
4. OPPORTUNITY
FOR NEW PRODUCT
An
effective planning and development process of a product help in creating idea
for discovering new product. Such
product its no rival may boom very well due to monopolistic advantages.
1.6 DEFINITIONS OF TERMS
The terms below are explained in the context of the study
-
Product:
Product
is anything that can be offered to a market for attention, acquisition, use or
consumption that might satisfy a need.
It includes physical objects, service person’s place, organization and
ideas.
-
Product mix: - Is
the complete range of the company product service and brands aimed at all of
the relevant target markets and market segment.
-
Product line: - Is
when a product sold to the same customer have the same uses or go through the
same distribution channel.
-
Product developing: - It
is the stage at which the product type is put into practice and come out with a
tangible product.
-
Marketing: - Is
the process by which people get what they need and went through the exchange of
product and services with other.
-
Literature review: - A
search of statistic trade journals, magazines and other books for data or
insight into the problems at hand.
-
Product differentiation: - Is
the act of designing a set of difference to distinguish the company product
from competitor’s product.
-
Price: - In economics value of things measured in term
of what the buyers in a market will be given in exchange for them.
-
Business: -
Complex economic operation concerning those function that govern the production,
distribution and sale of goods and services for the benefit of the buyer and
the profit of the seller.
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