Answer to Question #193567 in Marketing for Saransh gupta

Question #193567

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?


1
Expert's answer
2021-05-18T01:49:02-0400

Idea Conception

New product planning typically commences with a great idea. Company marketers, financial experts and engineers hold brainstorming sessions to decide the types of products to add to their existing product lines. They may also plan new lines of products.

Concept Statement

Product marketers use input from the idea generation session to start drafting a concept statement. A concept statement is a more specific version of the product idea or concept. It is the stage where companies determine what the product will look like, including special features, styles or dimensions.

Focus Groups

Focus groups are used to present the product idea to a group of consumers. Focus groups are usually run at focus group facilities. Managers observe how consumers react to their product idea through one-way mirrors. The focus group session is typically run by a professional moderator or interviewer.

Marketing Research Surveys

Marketing research surveys help quantify whether consumers will like and purchase the product. Companies often do hundreds of surveys to ensure that their results are valid and representative of the average consumer.

Product Development

Companies will usually start producing their products on a small scale if the survey results prove favorable. Companies start with smaller amounts of products so they can evaluate sales in specific markets. This helps them avoid high production costs if the product somehow fails. Products are usually produced for another phase of testing called beta testing.

Beta Testing

Companies will usually sell the initial products in two are more cities that are comparable in size and demographics like age and income. These tests can run several months to one or more years. During beta tests, companies advertise and promote their products as they planned when creating the concept statement. Financial managers then evaluate sales and profits. They then meet with product managers and engineers to determine whether further expansion is warranted.


Concept Statement

Product marketers use input from the idea generation session to start drafting a concept statement. A concept statement is a more specific version of the product idea or concept. It is the stage where companies determine what the product will look like, including special features, styles or dimensions.


Focus Groups

Focus groups are usually run at focus group facilities. Managers observe how consumers react to their product idea through one-way mirrors. The focus group session is typically run by a professional moderator or interviewer. This person uses a discussion guide or questionnaire to introduce the concept statement.

Marketing Research Surveys

Marketing research surveys help quantify whether consumers will like and purchase the product. Companies often do hundreds of surveys to ensure that their results are valid and representative of the average consumer. This better ensures that the product will sell in the marketplace.

Product Development

Companies will usually start producing their products on a small scale if the survey results prove favorable. Companies start with smaller amounts of products so they can evaluate sales in specific markets.




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