About Product Planning
Product planning is the process of searching ideas for new products, screening them systematically, converting them into tangible products and introducing the new product in the market. It also involves the formation of product policies and strategies.
Product planning includes improvements in existing products as well as deletion of unprofitable or marginal products. It also encompasses product design and engineering which is also called product development. Product planning comprises all activities starting with the conception of product idea and ending up with full scale introduction of the product in the market.
Any product has two broad objectives—immediate objectives and ultimate objectives. Immediate objectives include satisfaction of immediate needs of consumers, increasing sales, utilising idle plant capacity, etc. Permanent or ultimate objectives consist of reduction in production costs, creation of brand loyalty, monopolising the market, etc.
Why is Product Planning important?
Production planning is important because it creates an efficient process for production according to customer and organizational needs. It optimizes both customer-dependent processes -- such as on-time delivery -- and customer-independent processes, such as production cycle time.
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 utilise spare capacity;
• To employ surplus funds or borrowing capacity; and
• To diversify risks and face competition.
Knowledge and Skills required for the Product Planning
Innovative thinking, analytical bent of mind and communication skills helps candidate to gain quick success in product planning career.
Product Planning Practice Exam Objective
Product Planning exam focuses on assessing your skills and knowledge in product planning, user requirements research and competitor analysis for development of new products for the organization.
Product Planning Practice Exam Pre-requisite
There are no prerequisites for the Product Planning exam. Candidate who are well versed in user requirements research and competitor analysis can easily clear the exam.
Who should take the Product Planning Exam?
• Product Management professionals
• Entrepreneurs or Innovators
• Anyone who wants to assess their product planning skills
• Product managers and senior executives
• Product Management consultants
• Any professional with skills and knowledge on product planning
Product Planning Certification Course Outline
1. Product Planning - Market Analysis
1.1 Marketing Research
1.2 Market Segmentation
1.3 Market Targeting
1.4 Market Positioning
1.5 Branding
1.6 Defining Product Strategy
1.7 Kano Model Analysis
2. Product Planning - Competitor Analysis
2.1 What is Competitor Analysis?
2.2 Environmental Analysis
2.3 Pestle Analysis
2.4 SWOT Analysis
2.5 Value Chain Analysis
2.6 The BCG Matrix
3. Product Planning - - User Requirements Research
3.1 Factors influencing consumer behaviour
3.2 Major Psychological Processes
3.3 Consumer Buying Decision Process
3.4 Organisational Buying
3.5 Customer Data Collection and Analysis
3.6 Voice of Customer (VOC)
3.7 User Requirements
3.8 Conducting User Interviews
3.9 User or Focus Groups
3.10 Decision Making for Product Definition
3.11 Specifying the Product Definition
Exam Format and Information
Certification name – Product Planning Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees - INR 1199
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