{"id":17845,"date":"2013-05-07T13:16:17","date_gmt":"2013-05-07T07:46:17","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=17845"},"modified":"2024-04-12T14:15:13","modified_gmt":"2024-04-12T08:45:13","slug":"planning-for-product-development-2","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/planning-for-product-development-2\/","title":{"rendered":"Planning for product development"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/International-Trade-67.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/International-Trade-67.png\" alt=\"Planning for product development\" class=\"wp-image-99002\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/International-Trade-67.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/International-Trade-67-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure><\/div>\n\n\n<h3><strong>Planning for product development<\/strong><\/h3>\n<p>Let&#8217;s learn about Planning for product development. Product planning\u00a0is the process of creating a\u00a0product\u00a0idea and following through on it until the\u00a0product\u00a0is introduced to the market. Additionally, a small company must have an exit strategy for its\u00a0product\u00a0in case the\u00a0product\u00a0does not sell.<\/p>\n<div class=\"g\">\n<div class=\"rc\" data-hveid=\"CAUQAA\" data-ved=\"2ahUKEwjSqab97v_tAhVtgtgFHR_9BggQFSgAMAF6BAgFEAA\">\u00a0<\/div>\n<\/div>\n<ul>\n<li>As an entrepreneur, your products are the most powerful statement of you, your company, and your business<\/li>\n<li>The key issue is that you need consumers to associate your products, company, and business with good quality and good value for money (so that they will buy again); therefore, it is essential that you understand how to develop great products from your ideas<\/li>\n<li>Successful product development requires the commitment of resources as an investment in future returns. Planning helps to identify what resources are needed and when so that even the smallest of enterprises can launch new products successfully to attract buyers while maintaining the core business<\/li>\n<\/ul>\n<p>Product planning must also include managing the product through various stages of its\u00a0product life cycle. These stages include the\u00a0introduction, growth, maturity and decline stages. Sales are usually strong during the growth phase, while competition is low. However, continued success of the product will pique the interest of competitors, which will develop products of their own. The introduction of these competitive products may force a small company to lower its price. This low pricing strategy may help prevent the small company from losing market share. The company may also decide to better differentiate its product to keep its prices steady. For example, a small cell phone company may develop new, useful features on its cell phones that competitors do not have.\u00a0Product life cycle\u00a0can be viewed as an important source of investment decision for the company.<\/p>\n<div class=\"apply\">\u00a0<\/div>\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.vskills.in\/practice\/foreign-trade\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"150\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Export-Import-Foreign-Trade-Professional-56.png\" alt=\"Certified Export Import Foreign Trade Professional\" class=\"wp-image-94222\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Export-Import-Foreign-Trade-Professional-56.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Export-Import-Foreign-Trade-Professional-56-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/certified-export-import-foreign-trade-professional\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Planning for product development Let&#8217;s learn about Planning for product development. Product planning\u00a0is the process of creating a\u00a0product\u00a0idea and following through on it until the\u00a0product\u00a0is introduced to the market. Additionally, a small company must have an exit strategy for its\u00a0product\u00a0in case the\u00a0product\u00a0does not sell. \u00a0 As an entrepreneur, your products are the most powerful statement&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[85],"tags":[6720,2251],"class_list":["post-17845","page","type-page","status-publish","hentry","category-export-import","tag-foreign-trade","tag-planning-for-product-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Planning for product development - Tutorial<\/title>\n<meta name=\"description\" content=\"Learn more about Planning for product development. Make your resume stand out and become an Export Import Foreign Trade Professional.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/planning-for-product-development-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planning for product development - Tutorial\" \/>\n<meta property=\"og:description\" content=\"Learn more about Planning for product development. 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