New Product Planning
Description
One of the major problems facing modern managers is the question of how to plan and implement new products and services. Millions of dollars are spent annually by large and small organizations to launch new products and services. Many of these fail due to poor planning. Persons who specialize in new product planning can find opportunities in the marketing of consumer products, consumer services, hospital and medical services, and public service programs. Persons involved in new product planning develop skills in understanding marketing research, sales forecasting, and promotional planning.
Career Opportunities
Career opportunities exist in the consumer industries, advertising agencies, consulting firms, public agencies, medical agencies, retailing management, and many more. This broad set of industries offers a very promising career potential for the marketing planner.
Entry Level Positions
Formal positions in product planning are becoming plentiful. Historically, such positions carry titles such as "assistant manager/director" of product planning or new product development. Large firms have such positions in staff departments. The MBA, though not a requirement everywhere, does appear to be the level sought for these positions. Undergraduates are usually hired as "new product assistants."
Requisite Personal Qualities
New product work demands a unique combination of creative and analytical talents. A "product planner" must be able to conceptualize new ideas, research the new ideas, and evaluate them objectively for a market and financial standpoint.
Unlike managing an existing business, new product development is ever changing and requires a person with a high degree of tolerance for uncertainty. Since products eventually succeed or fail, the planner has a definite "report card" to let one assess one's own performance. The uncertainty and pressures of new product work are compensated by the fun of giving birth to new entrants to the market.
Academic Preparation
Anyone desiring this career path should take course work in product planning, marketing research, consumer behavior and advertising. Courses in capital budgeting, entrepreneurship, and sales forecasting would likewise be valuable