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The Product Planning and Development Process is an important step for businesses that design, produce, and market products. A product development plan enables firms to evaluate the demographics of their existing customer base, pinpoint new markets, and set product development objectives that will help them attract, keep, and serve their clientele. Developing a product development strategy that expands your company might be facilitated by learning about product planning. In this post, we describe product planning, give four examples of product planning, and discuss the advantages of this method.