What Is Product Planning
An ultimate objective of any business process is to look forward for customer oriented products. Product planning is a part of business process which starts with a very early stage of business process i.e. availability of raw material and later encapsulates a broad aspect of product life cycle which leads to define requirements, needs and measures for product enhancement / updation. There are various stages and states of Product Planning Cycle depending on various regimes of business process which are based on numerous business process management tools.
Whatsoever may be a process management tool employed, but everything boils down to a very well know structure of OODA loop (Observe Orient Decide and Act). Where input is the primary stage of product planning cycle which necessitates market statistics, market survey, customer survey, customer demands and customer councils etc. The statistics needs to be analyzed for existing Product Under Production (PUP) or launch of fresh product. These inputs then are required to be interleaved with the running business objectives, business resources and production cost. The business process need to be oriented towards the statistical outcomes for meeting customer’s current and futuristic requirements, however with consciously generated knowledge on existing resources, calculated production risks and product life cycle.
Product Life Cycle forms a critical chain in Product Planning process which is quantizing factor for product effectiveness and production rate. Also, it indicates the phase of re-evaluation of the product, need for further production and product updation. Product life cycle calculation though not realistic but is an empirical indicator for Product Planning process in establishing a relook on business process.
Product Planning clearly indicates various milestones, timelines, and production stages, check points and provides clarity to the managers as well as for the corporates, which assigns suitable tasks and responsibilities of various production levels. A strategic product planning method involves customers into the production stages by financial role play and share holding. Product planning not only is an administrative management tool but also provides a roadmap for acquisition and up-gradation of requisite infrastructure / support measures for the desired production process.
Markets being a Volatile Grey Matter in current scenario, many of the business companies are rarely benefitted by just-in-time product evolutions to meet customer requirements or compete with their business peers. A business management should be keen in an implementation of a periodic product planning process which may lead to a long term solution for product development and thereby business development.