CHAPTER ONE

1.1 INTRODUCTION

Thus, it is a common saying “failure to plan is planning to fail”. There is nothing on earth that does not need appropriate planning. If such thing determined goal must be achieved. Appropriate planning is one of the most important aspects of a product life cycle. As it is proper for somebody who intends to build a house, to draw a plan of the house whether such building will be a two bedroom flat or bungalow or a multirooms type. He has to decide within himself and also make a rough sketch of the total cost of every thing for such a house. As such, it is quite very important for an organization intending to develop a product to make a necessary and adequate planning for such product.

Considering the multi-dimensional nature of consumers demand, it is therefore an essential for an organization to carry out all necessary pre-product development before introducing a new product to the market and determine the appropriate time to supply the product so as to regulate the product in the market.

Examining the intense competition in must industries today. Companies without new product ideas and new product development strategies are exposed to great risk of new product or existing product decline by way its product lifecycle and the outright closure.

The success of new products is always constraints by the following factors:

1.      Shortage of important new products ideas in certain area.

2.      Capital of a new products development

3.      Time span completion

4.      Social and Governmental constraints

5.      Cost implication of a new products development

The scope of appropriate product planning and development includes making decision in the following area: -

A      Which product should the company produce?

B.     Should the company market more or fewer product?

C.     What brand, package and label should be used for each         product?

D.     How should the product be style, design and in what sizes, colors and materials should it be produced?

-   What new users are there for each product?

-   How should the product be priced?

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