Answer to Question #177251 in Marketing for AMIT VIKAS MALKAR

Question

1. As a newly appointed Product Manager by Balaji wafers, you are asked to develop New Product Planning for new flavor of potato wafer. How would you develop new product planning process?

Answer 1

Product planning is creating a product idea and following through on it until the product is introduced to the market. It involves identifying and articulating market requirements that define a product's feature set. As the newly appointed product manager of Balaji wafers, I would first start with the conception or creation of ideas where I would request ideas from my team and other external sources from my colleagues of the new flavor of potato wafer. Secondly, I will carry out a feasibility study and design planning. At this stage, an estimate of sales, costs, and profits are essential for business analysis, and forecasts of market penetration and market potential are essential to be taken. It allows the product manager to understand market potential and competitiveness before entry. Thirdly, design and development, which involves verification and validation plans, are developed for the future. These final quality checks will systematically determine that all agreed deliverables are present and working in the end product. Fourthly, the Product manager should undertake testing and verification of potato flavor. Testing of the final product takes place to evaluate the design's robustness and its ability to meet customer and performance requirements. Fifthly, validation and collateral production is undertaken against customer needs and collateral prepared to support the manufacture and launch phase. Once the potato flavor is manufactured, launched, and released to the market for buyouts, then Improvements are made as an ongoing process depending on market response and competitiveness.