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 Strategic planning is important as it charts a company’s path to future profitability.

 Marketing and Sales are different disciplines. Marketing is concerned with the four Ps; sales is concerned with obtaining new customers and contracts.

 The four Ps include Product, Promotion, Pricing, and Profits.

 Product development includes four stages: Introduction, Growth, Maturity, Decline.

 It is common for companies to use spreadsheet models to determine costs, pricing, profitability, using sensitivity analysis.

 Breakeven point is where all development costs have been recovered and profitability of the new product starts.

 A business case analyses a new product’s feasibility, potential in the marketplace, SWOT review, and other factors. This can also be called a business plan or feasibility study. Its results are used by senior management to make a decision (go or no-go).

 Marketing and Engineering sometimes have different goals and accountabilities. This can lead to organizational conflict.

 The role of Product Manager is a leadership position.