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Product planning in detail - Coggle Diagram
Product planning in detail
Step 1 - New product planning
Analysis of the micro and macro environment, competitive positioning of the organisation and competitors, differential advantage and marketing information. Useful tools like SWOT analysis and Ansoff's matrix.
Step 2 - Ideas generation
Research laboratories - teams dedicated to developing new products and prototypes
Periodic reviews - products and product portfolios
Open calls for product suggestions internally or externally (open online forums for any innovations, concepts, creations)
Serendipitous suggestions from staff members, suppliers, distributor or customer feedback
Competitors and other organisations - patents or trademarks to prevent ideas being copied.
Collaborations - organisations teaming up
Step 3 - Idea screening
Selecting promising ideas for further development and screening out fewer promising ones, using a set of criteria.
Step 4 - Concept testing
Consumer feedback to products which test the attractiveness, benefits, uses and purchase intentions. Focus groups have traditionally been used to collect feedback, other means to collect data are online forums and online brand communities.
Step 5 - Market/Business analysis (3-part marketing strategy)
The target market
The planned value proposition - the planned price, distribution and marketing budget for the first year.
The sales, market share and profit goals for the first few years
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This involves evaluating the sales, costs and profit estimates against the organisation's objectives. Costs can include research and development, manufacturing, new faculties and any additional staffing and marketing of new products. Breakdown analysis can also be used.
Step 6 - Product development
Translating the product into a prototype and gauging consumers reactions.
Step 7 - Test marketing
Testing the full marketing mix which can be tested in a laboratory, virtual stores, on a panel of consumers or in a limited real market setting.
Step 8 - Commercialisation
Full scale launch of a new product, having evaluated feedback from the test marketing.