why is product planning an important function in marketing
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Product planning serves as the basis for decisions about price, distribution and promotion. Product planning entails managing the product throughout its life using various marketing strategies, including product extensions or improvements, increased distribution, price changes and promotions.
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Product planning is important because many decisions are taken in the process of product planning. These decisions are — development of a new product, expansion or contraction of product mix, improvement in the product, determination of brand, label, packing, color, design, size and price, etc.
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