ABSTRACT
Product planning is the activity charged with the responsibility of providing new and profitable products for management to evaluate. Pricing formulas based on cost must be evaluated to insure that the price is sound from a marketing standpoint. The changing pattern of price and patent protection must be continuously re-evaluated. Once all of the qualitative factors in a product introduction problem have been evaluated, the final decision should become a quantitative analysis of the investment opportunity. Product strategy is concerned with the overall corporate policy in relation to product introduction and deletion. Product strategy must be a natural outgrowth of general corporate goals and objectives. It must be consistent with the resource base available to the company. The need for long-range product planning is pointed out very clearly in a recent Journal of Marketing article: 'Time Lag in New Product Development'. Adler, 'Time Lag in New Product Development', Journal of Marketing.
