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Product Management

The document discusses the eight stages of product development: 1) Idea Generation, 2) Idea Screening, 3) Concept Development, 4) Market Strategy, 5) Feasibility Analysis, 6) Product Design, 7) Test Marketing, and 8) Market Entry. It explains that each stage is important to develop a new product that satisfies consumer needs and wants. Following the eight stages gives a product the best chance of success in the market by gaining consumer feedback and addressing feasibility.

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Audrey Iyaya
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46 views

Product Management

The document discusses the eight stages of product development: 1) Idea Generation, 2) Idea Screening, 3) Concept Development, 4) Market Strategy, 5) Feasibility Analysis, 6) Product Design, 7) Test Marketing, and 8) Market Entry. It explains that each stage is important to develop a new product that satisfies consumer needs and wants. Following the eight stages gives a product the best chance of success in the market by gaining consumer feedback and addressing feasibility.

Uploaded by

Audrey Iyaya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Product Management

Activity No. 1
The marketing mix, also known as the four P's of marketing, refers to the four key
elements of a marketing strategy: product, price, place, and promotion. A product is a
good, service, or idea consisting of a bundle of tangible and intangible attributes that
satisfies consumers and is received in exchange for money or some other unit of value.
And product planning and development are all about the decision-making related to all
aspects of the development and management of a firm's products. In product
development, new products are created because consumers need or want them. There’s
a gap in the current market. The world doesn’t have a product that exists that will satisfy
those needs or those wants. Because of this gap, marketers and companies won't
develop products to satisfy these needs, which will fill this gap, and it leads to the
question, "Why don't we create and sell those products?" and therefore, if a product is
successful, It will have to have desirable attributes for their target market, be unique, and
if it is not either of these things, it is doomed to fail. And when a new idea is generated,
the next stage is to do some research. And this research will focus on answering: "Can
we produce it? Can we sell it?" If the feasibility research finds that the idea is worth
pursuing and is doable, the product development process begins. And this process
involves eight stages that every product needs to go through in order to be brought to
market. The stages of product development are:

1. Idea Generation – it is an invention or innovation as a result of a gap in the current


market. And it is an idea to produce a product or service not currently available.
2. Idea Screening – not all the ideas are good ones (i.e., New Coke, Mc Pizza,etc.).
And marketers need to test consumer reaction to their idea before they continue,
because the consumer's reaction needs to be considered. The idea is really to
just throw it around and see what people think, get their feedback, make
modifications, and assess whether or not it is a good idea.
3. Concept Development – if the feedback from consumers and your business
associates is positive, a prototype or sample is created. This stage will allow your
target market to use it, provide feedback for improvements, etc. And an example
of this is automobiles.
4. Market Strategy – it is about the development of a marketing strategy. It
determines the target market and how to use the 4P’s to optimally sell your
products. It is important to address target market needs or wants as well as
identify who your primary target market and secondary target market are to make
sure to reach all those consumers.
5. Feasibility Analysis/Study—often done at the same time as the product design
and market strategy stages. And many questions are answered at this stage,
such as do you have the materials or labor needed to produce this product?, will
the production cost be high?, and so on.Additionally, this analysis will simply
answer the following question.
6. Product Design – It is about what the product will look like. And the design will
depend on what it does and what the target market wants.
7. Test Marketing – it is essential to test the acceptance of the product. And it
usually occurs by offering the product to a random sample of your target market.
And also, customer feedback is used to improve the venture and determine
whether the product should "go to market".
8. Market Entry – this is where the product is officially " in the market" and being
sold to all. The " product life cycle" begins and its life will be determined by the
consumer market, competition, and further product advances.

Following this product provides a new product with a much better chance of success. and
should constantly revisit the process and improve and update products to stay ahead of
competitors.

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