Product Planning and Development

Product Planning & Development: respective(a) Companies Use Various Methods to Choose a Product Concept

S. M. Mahtabuddin
Dhaka University

To develop a harvest-tide, you need three things: Benefit(s) that the product will birth to its users, take a hop in which the benefit(s) will be delivered, and the Technology required for reservation the Form that will deliver the benefit(s). That is, a set of B-F-T is needed. The really first thing about product development is to incite with a fancy of a product that will deliver this or that benefit with which consumers will fulfill their this or that limited/general need. This very task is not simple. Even if when you mother a new resource, some(prenominal) unutilized resources, a major innovation, a new market, etc., you still need to think how they can be better used to develop a right product that consumers will buy and you will make profit. Of course, the best ii alternative ways to find the right product concept is to listen to the voice of customer (VOC) and postmortem of your competitors products. However, surveys reveal that different companies use different methods for choosing a concept. These are described before long below.

1. External Decision: Many companies depend on potential customers, group of experts, and market mavens.



The problems with this method are: (1) in nearly cases, customer voice is fuzzy, and what they want, the high society whitethorn not be able to deliver it at profit, or even the company may not be able to deliver it at all; (2) external experts may have brilliant friendship about new products, but the brilliant idea may not be liked by consumers and/or some KIM may be violated; and (3) market mavens always sire up with ideas based on what others are producing profitably; they elect the most profitable one as a eccentric and/or a product with product target dislocation (to eliminate the gap) what they company may find unprofitable or even impossible amid the high probability that the competitor is works to eliminate the gap. Finally,...If you want to get a full essay, ensnare it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .