This article throws light upon the seven main steps involved in planning and development of a new product. The steps are: 1. New Product Ideas 2. Idea Screening 3. Concept Development and Testing 4. Business Analysis 5. Product Development, Programme 6. Test Marketing 7. Commercialisation. Planning and Development: Step # 1. New Product Ideas: We visualize the detailed features of [...]
This article provides an overview on Product Life Cycle. The product life cycle concept derives from the fact that a product's sales volume and sales revenue follow a typical pattern of five-phase cycle. The life cycle is a fact of existence for every product. It is similar to the human life cycle. The length of the life cycle, the duration [...]
After reading this article you will learn about Price of a Product:- 1. Introduction to Price 2. Objectives of Price 3. Importance 4. Market Price 5. Price as a Measure of Value 6. Policies 7. Yardsticks Used in Pricing a Product 8. Determination Process 9. Leadership 10. Psychological Pricing 11. Principles. Contents: Introduction to Price Objectives of Price Importance of [...]