What will happen if human needs and wants are not considered while planning for a new product offered?
Answers
Answer:
Explanation:
Product Planning is the ongoing process of identifying and articulating market requirements that define a product's feature set. Product planning serves as the basis for decisions about price, distribution and promotion. Product planning is the process of creating a product idea and following through on it until the product is introduced to the market. Additionally, a small company must have an exit strategy for its product in case the product does not sell. Product planning entails managing the product throughout its life using various marketing strategies, including product extensions or improvements, increased distribution, price changes and promotions.
If human needs and wants are not considered while planning for a new product offered the product will eventually become obsolete.
Explanation:
- Marketers identify latent demands in the market and develop products and launch them into it.
- When the consumers realize that this is a product that they need they do the purchase.
- If a product is launched which does not meet any human need or want then the consumers will not feel compelled to buy the product and therefore the sales figures would be dismal.
- The company would incur losses and eventually, the product will become completely obsolete.
Learn more about Human needs and wants:
Human needs and wants are neither uniform in all parts of the world nor static over the year. explain the statement by giving suitable example
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