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Product planning can be described as the process of identifying as well as articulating market requisites that define the feature set of a particular product. Product planning comes handy to a company to make decisions about pricing, distribution, and promotion. A business organization uses this procedure to create a product idea and keeps following it till the product is launched in the market. In addition, a small enterprise needs to have an exit strategy for its product in case the product does not get a healthy response from the customers. Product planning plays a crucial role in the managing a product throughout its life by using different marketing strategies such as product extensions or improvements, an increase in distribution, changes in price and promotions.
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