The sector of product Planning is essential before Product production; Companies don’t just conclude on producing anything; they must have answered many why questions.
There are many questions with “WHY” they have to answer before producing a product to the market, Sometimes the Why answers another Why. Some before we go deeper, let get you knowledgeable about what product Planning means.
Product planning is known as drafting out product ideas, Producing them, and bringing them to the market.
Most Small businesses and big companies don’t just think of producing a product out and boom it already produced, they plan the product creation and in planning it they we need to conduct research, Most especially Market Research, They are always aware that they are running a business. In Business, the most important thing is finding a need or want in the market, and then you think about the product or services you can offer in providing a solution to it.
The customer in the market doesn’t just give their money to something that has no value. If the product you offer could meet their needs or want, it shows it has value.
Customers would only give their money in exchange for the value you present through your idea. There is nothing wrong with having a hint of creating a product idea, ideas are easily available these days but identifying a need in the market and connecting your ideas to solve it is not easy, but it has to be done. That is why product planning has become one of the effective tools to keep staying relevant in the market.
The Planning entails the Products improvement plan, Marketing Channel, Future price changes, and the Promotion medium. We aren’t discouraging you from making use of that idea as a matter. On the contrary, that idea can drive it to become a real business that brings value to the market and meet customer satisfaction. Always Remember Ideas Are Raw materials, it needs to be processed, Researched more knowledge on it and Present it out. Everything you see in this world all started from someone’s ideas but processed them out. That is why Companies make office jobs for the role of product managers.
Why Is Product Planning Important?
The Product Idea is meant to bring value to the market while also meeting customer needs and want in exchange for money.
Meet Customer Satisfaction
Product Planning help to draft out the proper ways through thorough market research in providing customer satisfaction by producing quality products that meet their needs and wants.
When customer satisfaction is met, they will be very happy with your friend, give a positive review about your brand, and build a good customer relationship.
Maximize Available Resources Effectively
When effective product planning is carried out, few resources available are well utilized in the production process, minimizing wastage of materials and still using the available resources to produce high-quality products that meet customer satisfaction.
Improve Brand Loyalty
When the quality of your products can speak for you, less marketing is required; as your happy customer, we turn to a referral agent introducing their friends, family, and colleagues to purchase from your brand.
Step By Step Process Of Product Planning
Product planning is an important stage in product lifestyle. How you plan it defines how long the product will still be relevant and get customer interest. Remember, the step process of product planning starts from the point of ideation to market value.
Draft the Idea
This step involves a detailed description of the idea; it requires you to take a book and pen then start writing the idea down, It can be ideal for new product creation, or it could be for modification of the existing product. And some things the idea can be drafted out as a result of identifying certain social problems, Or customers Daily needs.
Analyze The Market
All ideas return to the market; that is why you need to ask yourself, What Market value does the idea possess. This is very important, you know, the idea may sound very great and beautiful but does it have market value? What market value mean is, the idea needs to solve problems and meet the customer satisfaction, Then another analysis you need is your competitor in the market, in this phase you deployed out your marketing strategy,
After you’ve analyzed your market effectively and you get accurate data. The next step is launching the product, Deploying your distribution tactics and channel, presenting the product to all 22Advertising Media houses, Introduce sales promotions for the products.
It is just for the management of the product life cycle, which involves monitoring the product’s sales, Customer Behavioral, Improvement; the step shows how long a product wants to stay relevant in the market. Proper and effective management preserves the longevity and value of products.