Website Set

Deciding the product policy is the main task in product development processes. What products should the company make? Where exactly are these products to be offered? What market, or market segment should it be offered in? What should be the relationship among the various members of a product line? What should be the width of the product mix? How many different product lines can the company accommodate? How should the products be positioned in the market? What should be the brand policy? Should there be individual brands, family brands and/or multiple brands? Can a product be left to middleman’s branding? Answers to these questions will constitute the product policy of a firm.
A growing business has to undertake a constant appraisal of its existing product line. No product lasts forever, and no product lines are perfect forever. Changes in the business environment, changes in customer tastes and preferences and the extent of competition all exercise some pressure on the product policy of a firm. A product might have lost its marketable image, be facing the threat of functional obsolescence, lost its profitability, be poor in quality or simply served its purpose and is on the decline.
The techniques employed by firms to render their product or brand distinct and different from the competing brands, is termed product differentiation. Differentiation can be based on product, channel and promotion. Product, however, lends the maximum scope for differentiation. The aim of a product differentiation strategy is to endow the company’s product with certain real differences compared with other competing brands. And the main requirement is that the consumers must perceive the product as different in some respect.
Product Development provides detailed information on Product Development, New Product Development, Product Design And Development, Product Development Processes and more. Product Development is affiliated with Enterprise Risk Management.

Related posts:

1. New Product Development New product development is one of the most important components of product policy and product management. Product lines and products are appraise and are positioned effectively. Brand decisions are taken wisely. For a higher level...
2. Product Development Product development involves several important stages like generating ideas, idea screening, concept testing, business analysis and market analysis, actual development of the product, test marketing and commercialization. Each of these stages involves considerable study and...
3. Outsourced Product Development: Steps to Ensure Success Successful launch of product development hinges heavily on cautious planning, unambiguous characterization, and effectual communication. The said elements become more crucial if you want product development outside the precinct of your company or organization. In...
4. Triangulation For New Product Development Every growing and even some stagnant door and window manufacturers and their suppliers are constantly striving to develop new products and / or services, so they say. These new products are often developed in the...
5. New Product Development Strategy For most of us, coming up with a creative idea is a painstaking process. I know I get my best ideas while doing something completely unrelated to my business such as walking, gardening or playing...

Related posts brought to you by Yet Another Related Posts Plugin.