Product definition is a critical starting point in the development of any new product. Yet for its importance, there are a number of common shortcomings to the process of product definition in many companies:
A company doesn't blindly respond to customer needs and opportunities. A business strategy which defines customers and markets to be served, competitors, and competitive strengths provides a framework from which to evaluate potential opportunities. The result of this evaluation of opportunities is expressed in a product plan.
New Product Planning
The new product plan helps resolve issues related the markets, the types of products and the opportunities that the company will invest in and the resources required to support product development.
A company doesn't blindly respond to customer needs and opportunities. A business strategy which defines customers and markets to be served, competitors, and competitive strengths provides a framework from which to evaluate potential opportunities. The result of this evaluation of opportunities is expressed in a product plan.
New Product Planning
The new product plan helps resolve issues related the markets, the types of products and the opportunities that the company will invest in and the resources required to support product development.