Product Policy

Topics: Marketing, Product management, Brand management Pages: 8 (2203 words) Published: May 8, 2013

Mr. Nelson Babu SUBMITTED BY Assistant Professor Titty Thomas Of MBA Department MBA Rollno: 43 Mount Zion College Mount Zion College of Engineering Of Engineering

SUBMITTED ON: 10/05/2013

A strategic rule or rules covering how a good or service is promoted to potential consumers. A typical product policy created by a business for a manufactured product might attempt to manage how the item will be perceived by its target market and could also contain information about how durable the product is. Product policy covers product planning and development, product line, product-mix, product branding or identification, product style, product positioning and production packaging. It includes product diversification.

Product policy is concerned with the defining the type, volume and timing of the product a company offers for sale. Product policy covers the following:

1. Product planning and development
2. Product line
3. Product-mix
4. Product branding or identification
5. Product style
6. Product positioning
7. Production packaging

Product Planning And Development
Product planning and development are essential components in how a business creates products and refines them before offering them for sale. Planning and development are two distinct phases of the product creation process. Planning requires information gathering from multiple business departments including consumer input and competition information. Development is a partnership between the marketing and engineering departments, which work together to create a final product that meets consumer needs in the most effective way possible. Product planning is the First step for an entire marketing program. The product planning means an attempt to establish the product in the line with market needs. It is defined as “the act of making out and supervising the search, screening, development, and commercialisation of new product, the modification of existing lines and the discontinuance of marginal or unprofitable items. Product planning in a broad sense is how a company generates the ideas for its products based on a number of factors. These include input from multiple business departments, such as marketing, technical support, sales teams and engineering. A business also includes analysis of competitor products and consumer needs into its product planning. This helps a business understand what products the competition is offering, how those products are meeting consumer needs and how the business can innovate new products to better meet those needs. The product planning and product development includes the decision making of the following: a) Which product should the firm make and which should it buy b) What new uses are there for each item

c) What brand, package and label should be used for each product? d) How the product should be styled and designed?
e) What will be the quantity and quality of the product
f) What will be the pricing of the product?
Importance of Product Planning
Product planning is a process of discussing and defining features of a product before its development. There are a number of phases to product planning, including gathering input, refining ideas, approving and designating projects and tasks, refining...
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