Principles of Marketing

1
Overview of Marketing and Marketing Process

Module 001
Introduction to Product Planning
Business requires planning, effort, time, money and of course strategies. Without enough
ideas and strategies, the business would not progress. This is a clear indicator that every
entrepreneur who desires to put up a business must be careful in making decisions which include
being watchful of the actions to be taken. Thus with definite knowledge of marketing, the
entrepreneur is taking a big leap towards success.
At the end of this module you are expected to:
1. Define marketing according to experts;
2. Understand the nature of marketing;
3. Familiarize with customer value;
4. Explain marketing process;
5. Establish good customer relationship.

There is no uncertainty that project management has turned into an amazingly well
known aspect of work. Actually, a company can't make progress without it. That is the reason
one of the most wanted employees are project managers. And, obviously, they are essential,
yet we shouldn't disregard other individuals in charge of viable task or product deliver who
add to a company’s development. Among such individuals product planners in charge of
product planning.

Product Planning
Product planning, by definition, is the strategizing procedure that ranges from idea
conception to item market launch. Strong product is essential for the company – if any
progression fails, then the whole initiative may be doomed.Product planning is the way
toward making a product idea and finishing on it until the point when the item is acquainted
with the market. Moreover, a product idea must have an exit strategy for its item in case that
the product does not sell. Product planning involves dealing with the item for a duration
using different marketing strategies, including item augmentations or upgrades, expanded
conveyance, value changes and promotions. This guide intends to abridge the phases of
product planning and recognize the best ways to guarantee that it is done effectively.
Regardless of whether you are beginning in business for the first time or are going to
undergo new product development, this is the thing that you have to know.

Course Module
What is Product Planning?
Product planning is basically making a product based dependent on a particular
plan. However, it's not a basic task which can be performed in only one day. Usually a long
procedure amid which it is important to mull over numerous components, for example,
target demographics, financial aspects of the product preparation, due date, and so
forth.Essentially, all the market necessities that can be influential to product’s reception.
Product planning is a difficult term to characterize in light of the fact that it's so
broad and includes so many different aspects of product manager’s job. In fact, it's likely a lot
bigger bit of your job as a PM than you realize.
Product planning includes the majority of the internally centered choices, steps and
undertakings that will be important to build up a successful product. Thus, it includes all that
you'll have to do or conclude that will influence the item itself. Paradoxically, go-to-market
planning includes the majority of the external-facing steps, the things you'll do to acquaint
and advertise your item to the public.

Product Planning is Not One Meeting or a One-Time Activity

A common misguided judgment among product owners is to consider “product
planning” as only an action, something they do once in the beginning period of a product’s
development. They may hold a single meeting with their partners to choose, for instance, on
what real topics to prioritize, who their target clients will be, and possibly the fundamental
pricing structure for the item. From that point, they jump straight into execution mode —
never to return to any of these enormous picture strategic choices again.
Obviously, at any phase after you've gotten in progress building up your item the
substances on the ground may change — for your company, your clients, your rivals and
your market. This is the reason it is so important to see product planning not as a one-time
venture all the while yet as a major strategic component of the procedure itself.

One incredible thing about product planning as a ongoing portion of your job, rather than a
one-time task, is that it can give you another system that enables you to roll out
improvements to your underlying planning when those changes are strategically called for.
Let’s say at various phases of your item's development you gain new statistic information
about your primary user persona, or your client overviews uncover new and
counterintuitive data about which highlights to prioritize in your next discharge, or you get
another partner who has bits of knowledge your team hasn't considered previously. These
situations may request that you return to the decisions you and your team made in your
beginning time product planning sessions. However, changing a portion of these settled upon
needs and choices halfway through your improvement can feel uneasy. That is the reason it
is basic to modify your organization’s thinking to comprehend that product planning is never
really wrapped up.

Along these lines, here's the main issue: When you approach product planning as a one-time
occasion, the choices made manage the total of your product’s development. It is strategically
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Overview of Marketing and Marketing Process

favorable to settle on choices all through the product development process, with the goal
that you can continually weigh new data and new realities.

A Good Product Planning Strategy

Here are a few steps to help you craft your own product planning culture.
1. Make an organizational culture that sees product planning as a continuous procedure.
 For most companies, this will require a noteworthy move in thinking, yet it will be
worth the exertion. You would prefer not to change your center mission each other
week, obviously. But you likewise shouldn't feel obliged to an arrangement of
strategic plans that came out of a single meeting months earlier — only in light of the
fact that you considered that your "product planning meeting" and everybody
concurred on those decisions back then. When you can induce your center team, your
partners and your organization all in all that product planning must be progressing
and should leave open the capacity to change direction or priorities when the facts
request it, you will eventually be in a vastly improved position to convey more
successful products.

2. Set up a culture of continuous communication all through the product development

process — not only in the few meetings you've scheduled.
 If you urge your organization to change its thinking and to comprehend that product
planning may require a move in priority when the strategic realities call for it, you
will need to communicate more often with your team — and to support more
communication from them too. Since your early-stage decisions are not an
unchangeable reality, you may roll out changes to your plan at different stages all
through the procedure. What's more, on the grounds that your team now knows they
can recommend changes too on the off chance that they have the information or
insights to help them, they may likewise want to propose updates to your strategic
plan. Hence, you will want to communicate more more frequently across your
organization to ensure everybody knows about any updates or augmentations to your
plans.

3. Summarize your research with conclusions and key takeaways — don’t data dump.
 Surveyors and other political researchers frequently use the expression "top sheet" to
mean the first page of a specialized and normally equation- or graph-heavy report.
This top sheet is a helpful outline to what's inside that report, usually only a couple
bullets that any layperson can comprehend, for example, "42% of respondents said
they are concerned or very worried about… ." As a product manager, when you want
to recommend strategic plans or objectives for your item, or to propose strategic as a
component of the ongoing product planning we're discussing here, you'll need to
back up those changes with information. However, that does not mean simply

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 dumping volumes of research onto your group and expecting them to discover your
conclusions for themselves.

A good product manager will abridge the information — and present what adds up
to a top sheet that obviously and rapidly demonstrates the support for your thoughts. This
top sheet may be the data points you are pulling from an important industry report. It may
be a couple of key statements from clients, taken from studies or interviews you've directed.
The point is, you need to haul out the significant data from your research that causes you
make your point — without influencing your partners and your group to filter through the
crude data and discover it themselves.
At the same time, however, you will still need to give that crude data. If you are just
dumping data in front your center team or your partners — and not providing them with any
specific circumstance or conclusions around that information — you are not doing your job.
Also, If you're basically displaying conclusions without the supporting research, you are
likewise missing the mark concerning your obligation. You have to do both.

4. Include product planning ceremonies to make sure everyone on the team is up-to-date
and, if needed, has a chance to weigh in.

 If you follow the steps laid out so far, then you will avoid one of the most common
entanglements an product manager fall into. Amazing partners and key players over
the company with data about the product’s development that they had no clue was
occurring. In a domain where the PMs don't discuss consistently with their groups, or
offer all strategic updates, extensive stately refresh gatherings can be dangerous.
A few members can feel caught unaware because they are hearing items
under discussion for the first time. In any case, when you're regarding product planning as
a part of the procedure, and advising your team along the way of all updates and changes,
you can present product planning ceremonies — meetings, maybe quarterly, where you
can discuss the item you have made and any huge picture strategic updates to your plan.
These product planning ceremonies can likewise be an incredible time for
you and your group to discuss any open-loop strategic inquiries —, for example, priorities
or plans that may should be changed however which haven't yet come up for discourse.
The point here is that, since you've moved your company’s state of mind, talking about a
conceivable change to your product plan in a quarterly meeting like this won't feel like a
sensation that conflicts with whatever your group decided several months back. It will be
treated instead the way in which it ought to be — as an item that, based on new data,
proof or bits of knowledge, may merit another look because doing as such may prompt a
superior item.
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Best Practices In Product Planning

As product planning is a very broad concept, there are a lot of ways as to how it can
happen.
 The Four Gates - A theory set forward by Jonathan Cagan of Carnegie Mellon
University is The Four Gates, which recognizes the four key stages in a successful
product planning procedure. The first of these gates is recognizing the necessities and
wants of the customer; the second is doing the exploration and refining the product
based on the discoveries; the third is taking a shot at the concept design; the fourth is
including the detail and completing a stress analysis.

 Project Roadmapping Software - Agile project management strategies can be

applied to product planning and again there are tools accessible online to help any
company hoping to go toward this path. There are three dimensions of agile product
planning:

Vision: This vision is the thing that the company will achieve, a shared objective that
all can progress towards, and isn't particularly about a specific item.

Product Strategy: This is about how the objective will be accomplished, including
recognizing the target group, their necessities and the benefits of the item to the
target group and for the business itself.

Product Tactics: This dimension centers around the low down of functionality, client
communication, structure and sprint goals.
Cagan demands that the second stage is the most critical and the contrast between an
extraordinary idea and a great product.

Reasons Why Product Planning Can Fail

Product planning is just some other procedure, and it is just ever comparable to what is put
into it. Planning gives a structure to the activity, and software provides the software.
There are, however, a ton of things that can turn out badly at each stage. The product
concept, for instance, may end up being totally off-base. In such a case, the group either has
enough premonition to alter course, or the item ends up failing. Or , showcasing and
advertising may be to blame – it could have been done too ineffectively, or they hadn't
invested enough money into bringing awareness for the product. Sometimes, it may even be
unadulterated misfortune or timing that makes the item fail, in spite of everybody's best
efforts.If you get the execution right, However, you'll boosting your odds of success.

Course Module
Significance and Objects
Product planning and improvement is an essential function because of a few
reasons. Initially, every item has a constrained life expectancy and needs enhancement or
substitution after some time. Besides, necessities, designs and inclinations of consumers
experience changes requiring alterations in items.

Thirdly, new innovation makes open doors for the structure and advancement of better
items. Product planning and development facilitate the benefit and development of business.
Development of new products enables a business to confront competitive pressures and to
diversity risks. Product is the most critical constituent of marketing mix.
Finding and addressing the necessities of clients is the key component in a successful
marketing strategy. New product improvement has turned into even more vital in the
modern world portrayed by innovative change and market elements.

New product development brings openings but in addition includes heavy duty of fund,
technology and even emotional attachment. New product decisions are fundamental and
exorbitant. Numerous new items fail causing ruin to business firms. Product development is
a nonstop and dynamic function. Continuous alterations and enhancements in the product
arc important to limit expenses of production and to expand sales. High rate of item
obsolescence requires item development frequently. In the meantime, cost and time scales
have expanded. In a few items, the incubation time frame is long, in some cases longer than
the life of the product.

Thus the job of R&D master has turned out to be vital. He should be in contact with sales
person and real end clients. Successful mechanical technological includes great resources as
well as great risks. Product innovators confront staggering triumphs and also unfortunate
failures.
The vast majority of the new product ideas do not become actual products. Numerous new
items achieve constrained acknowledgment in the market. This is so because organizations
frequently are hesitant to move far from tested and tried items.

Thus, product planning is required for the following reasons:

 To replace obsolete products

 To maintain and increase the growth rate/sales revenue of the firm;
 To utilize spare capacity;
 To employ surplus funds or borrowing capacity; and
 To diversify risks and face competition.
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Objectives of Production Planning

To remain competitive, manufacturing companies take part in production planning,
the systematic design of creation processes in order to accomplish the best conceivable
proficiency and productivity. If a company implements a successful production planning
system, it can create items more rapidly and correctly, and at a lower cost. Production
planning systems by and large offer an arrangement of common objectives.

1. To achieve coordination among various departments relating to production.

2. To make adequate arrangement of men, money, materials, machines tools, implements and
equipment relating to production.

3. To decide about the production targets to be achieved by keeping in view the sales
forecast.

4. To keep production operation continuous.

5. To achieve desired share of the market.

6. To fix right type of man for right type of job.

7. To achieve the desired level of profit.

8. To make all arrangements to remove possible obstacles in the way of smooth production.

9. To achieve economy in production cost and time.

10. To initiate production on modern lines.

11. To operate the plant at planned level of efficiency.

12. To develop alternative plans in order to meet any emergency or contingency.

Course Module
 Analyzing the Market and New Products
Before a company puts constrained resources in the production of a new
product, it should initially see if a market exists for that item. While market research is a
piece of compelling production planning, it is additionally a goal of the planning procedure.
By dissecting another market, the proposed product and its manufacturing lead time, the
company can better marshal its raw materials and workforce to expand profitability and
limit the disturbance to the company’s other product offerings and teams.

Minimizing Production Time

Another fundamental objective for production planning is ensuring production is
finished in as meager time as could reasonably be expected. This helps free up corporate
assets for extra production lines. To enhance proficiency, production managers utilize an
assortment of devices, for example, the Gantt chart. Gantt diagrams are basic visual courses
of events, or logbooks, that demonstrate various tracks, or projects, at a glance. This
methodology lets businesses simultaneously view and track various necessities and
objectives. Gantt charts can be made using Excel or other spreadsheet programs, and
additionally concentrated programming.
Gantt charts and similar tools help production planners make sense of the most
proficient times to begin and end each piece of the production schedule. These tools likewise
enable you to distinguish when particular production tasks experience normal down
periods. That, thusly, busy production managers use their resources to full limit, along these
lines expanding the company’s profitability and productivity.
Seemingly the primary target of a production planning system is production time
minimization. Production planning software uses tools and produces different timetables
that can help in production flow. At the point when production is finished in a timely
manner, this implies resources and equipment are being utilized proficiently and are not
being squandered. This further saves time, resources, and enhances client service too
through significantly more productive conveyance times.

Using Resources Efficiently

Another objective of production planning is expanding the productive use of a
company’s resources. One way production planners achieve this objective is through limit
prerequisites planning. CRP is a strategy for limiting the measure of raw materials stock a
company keeps close by to exactly what's required at a given time. One might say, CRP works
in tandem with supply chain management to help ensure there are actually enough
resources close by when needed – neither too much (CRP) nor excessively few (SCM). By
using the two strategies, a manufacturer can lessen the expenses related with wasteful
allocation of company resources.
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Improving Customer Satisfaction

Finally, production planning looks to build the dimension of consumer satisfaction
and enhance the overall client experience, yet in a marginally indirect way. Production
planning creates a leaner, more cost-proficient production system. At the point when a
company completely executes that enhanced production system, it limits products absconds
and streamlines production times. Thus, the company can make enhanced, more reliable
products at lower costs and get them under the control of its clients more quickly.

By being more receptive to its client's wants and needs, a company implementing production
planning turns out to be more imperative to its market and enhances its main concern as a
result.
In relationship with production time minimization, consumer satisfaction is
enhanced radically through enhanced delivery times. when production is on time and more
cost proficient, the consumer straightforwardly profits by this. Alongside lessened
production time and cost, the items produced are dependable and enhanced, which relates
with the buyer's wants.

Advanced Planning and Scheduling Software and Production Planning

Objectives

The advantages of advanced production planning and scheduling software appear to

be interminable - multi-plant operation integration, ongoing operational perceivability,
throughput upgrade, and many others. These benefits are what clients of advanced planning
and planning software are experiencing and has enabled them to upgrade their overall
supply chain. Different advantages of this software incorporate the following:
 Improved Delivery Performance
 Boost in Profits
 Inventory and Cost Reduction
 Six-Month ROI

Main Elements of Production and Planning

 Routing- It is about choice of way or course through which raw materials go in
order to make it into a finished item. The focuses to be noted while directing
procedure are – full limit of machines, efficient and short course and accessibility of
alternate routing. Setting up time for the procedure for each phase of course is to be
settled. When generally speaking arrangement are settled, at that point the standard
time of activities are noted utilizing work estimation procedure.

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 Loading and scheduling- are concerned about readiness of outstanding tasks
at hand and settling of beginning and finishing date of every activity. Based on the
performance of each machine, loading and planning tasks are finished.

 Dispatching- the routine of setting productive activities under way through the
arrival of requests and instructions, as per recently arranged time and succession,
encapsulated in course sheet and calendar outlines. It is here the requests are
discharged.

 Expediting / Follow-up -It is a control tool which brings an idea on breaking

up, delay, rectifying error etc., during the progress of work.

 Inspection-Inspection is to find out the quality of executed work process.

 Corrective- At evaluation process, a thorough analysis is done and corrective

measures are taken in the weaker spots.
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Course Module
References and Supplementary Materials
Online Supplementary Reading Materials
1. What Is Product Planning?By Kate Kurzawska
https://www.timecamp.com/blog/2018/03/what-is-product-planning/
2. Product Planning: Definition, Strategies and Examples by SONIA PEARSON
https://tallyfy.com/product-planning/
3. Definition of Product Planning
by Rick Suttle https://smallbusiness.chron.com/definition-product-planning-
5052.html
4. Product Planning: What to Do, with Whom, and When? by Maddy Kirsch
https://www.productplan.com/product-planning/
5. Product Planning: Definition, Significance and Objects | Production Management
http://www.yourarticlelibrary.com/products/product-planning-definition-
significance-and-objects-production-management/27931
6. List of Objectives of Production Planning by Annie Sisk
https://bizfluent.com/about-5428153-list-objectives-production-planning.html
7. Production Planning: it’s Meaning and Objectives
http://www.yourarticlelibrary.com/production-management/production-planning-
its-meaning-and-objectives/26168
8. Objectives of Production Planning
https://www.planettogether.com/blog/objectives-of-production-planning
9. Production Planning & Control | Meaning | Objectives | Elements | Stages
https://accountlearning.com/production-planning-control-meaning-objectives-
elements-stages/

Online Instructional Videos

1. product, planning and control INTRODUCTION ||PART-1||UNIT-1|| IE
https://www.youtube.com/watch?v=FCE4TdFP69c
2. What is PRODUCTION PLANNING? What does PRODUCTION PLANNING mean?
PRODUCTION PLANNING meaning
https://www.youtube.com/watch?v=fRwRCFB8ikQ