After reading this article you will learn about:- 1. Definition and Concept of Product Planning 2. Need For Product Planning 3. Constituents. Definition and Concept of Product Planning: Product planning may be defined as ― Evaluation of the range, mix, specification and pricing of existing and new products in relation to present and future market requirements and competition; planning of [...]
After reading this article you will learn about the requirements of product design and factors affecting it. Requirements (or Considerations) of a Good Product Design: It is not possible to specify exactly what constitutes a good design, but the essential requirements are that it should bring: (a) In order to achieve customer satisfaction: The product should function correctly. It should [...]
Products may be classified as:- 1. Convenience Goods 2. Shopping Goods 3. Specialty Goods 4. Industrial Goods. Type # 1. Convenience Goods: Convenience goods such as cigarettes, candy bars, blades, magazines etc. All these items are found clustered around the checkout stand of food stores, and food, of course, is usually a convenience good. Convenience goods are placed so that [...]