-
The Process Of Product Planning And Development In Marketing
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
-
-
3. IT INCREASE SALES AND INCOME TO THE ORGANIZATION
A
well planned and sound developed product couple with it performances in
satisfying users need, will attract more patronage, the volume of sales
and income to the organization which the other hand gives and
opportunity to such organization to expand toward achieving better
result.
4. OPPORTUNITY FOR NEW PRODUCT
An effective planning
and development process of a product help in creating idea for
discovering new product. Such product its no rival may boom very well
due to monopolistic advantages.
1.6 DEFINITIONS OF TERMS
The terms below are explained in the context of the study
-
Product: Product is anything that can be offered to a market for
attention, acquisition, use or consumption that might satisfy a need.
It includes physical objects, service person’s place, organization and
ideas.
- Product mix: - Is the complete range of
the company product service and brands aimed at all of the relevant
target markets and market segment.
- Product
line: - Is when a product sold to the same customer have the same uses
or go through the same distribution channel.
-
Product developing: - It is the stage at which the product type is put
into practice and come out with a tangible product.
-
Marketing: - Is the process by which people get what they need and went
through the exchange of product and services with other.
-
Literature review: - A search of statistic trade journals, magazines
and other books for data or insight into the problems at hand.
-
Product differentiation: - Is the act of designing a set of difference
to distinguish the company product from competitor’s product.
-
Price: - In economics value of things measured in term of what the
buyers in a market will be given in exchange for them.
-
Business: - Complex economic operation concerning those function that
govern the production, distribution and sale of goods and services for
the benefit of the buyer and the profit of the seller.
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
