The product planning process starts either with a recognised customer need or with a basic product idea established through market research or other sources. Regardless of the pedigree of the product idea—it may originate from a salesman, a customer, the company's advertising agents, the technical research and development department, the suggestions box or the chairman's wife— market research should be [...]
The product life cycle is an indispensable tool for product planners and marketers in general. The product life cycle is based on the life process of all living things, beginning with birth and ending with death. Like human beings, products also have a limited life-cycle and they pass through several stages in their life-cycle. The product during its life cycle [...]
Everything you need to know about new product development. A new product is a product that is new to the company introducing it even though it may have been made in same form by others. For example, in the area of toilet soaps, different brands introduced by each company are that way, new products as it is new to the [...]