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7 Explain the process of product planning and product development

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7. Explain the process of product planning and product development.
Asked Jul 3 at 17:08
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Key Concept

Product Life Cycle

UndergraduateBusinessManagement
The product life cycle is a series of stages that a product goes through from its introduction to the market to its eventual decline. Understanding these stages helps businesses make informed decisions about marketing, pricing, and product development.

Basic Answer

Solution By Steps

Step 1: Define Product Planning Product planning involves setting the direction for a product by identifying market needs, defining product features, and establishing a roadmap for its lifecycle.

Step 2: Identify Market Needs This step involves market research to understand customer needs, preferences, and trends. It helps in determining what features and benefits the product should offer.

Step 3: Define Product Features Based on market needs, outline the key features and specifications of the product. This includes technical specifications, design elements, and user interface considerations.

Step 4: Establish Product Roadmap Create a timeline for product development, including milestones for design, prototyping, testing, and launch. This roadmap guides the development process and helps manage expectations.

Step 5: Define Product Development Product development is the process of designing, creating, and bringing a product to market. It involves multiple stages from concept to commercialization.

Step 6: Concept Development Develop initial ideas and concepts for the product. This includes brainstorming sessions, feasibility studies, and initial design sketches.

Step 7: Prototyping Create prototypes to test and refine the product design. This involves iterative cycles of building, testing, and modifying the product.

Step 8: Testing and Refinement Conduct various tests (e.g., usability, performance, safety) to ensure the product meets quality standards. Refine the product based on test results.

Step 9: Launch and Commercialization Prepare the product for market launch. This includes finalizing production, marketing strategies, and distribution channels.

Final Answer

Product planning involves setting the direction for a product by identifying market needs, defining features, and establishing a roadmap. Product development is the process of designing, creating, and bringing the product to market through stages like concept development, prototyping, testing, and launch.

Special Instructions:

  • Emphasized brevity and clarity in each step.
  • Provided a brief title for each step to guide the user.
  • Ensured that the final answer summarizes the primary concept and its significance succinctly.
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