What is a product plan and how to create one in 6 steps

The text discusses the importance and process of product planning, drawing an analogy with the animated TV series "Pinky and the Brain" to emphasize the need for strategic planning over impulsive actions. Product planning involves a comprehensive approach that starts with understanding customer needs and ends with the product's end of usefulness from a business perspective. It is crucial for company survival, meeting customer needs, increasing sales, understanding strengths and weaknesses, managing capacity, and effective planning. The text outlines six key objectives of product planning and details a six-step process: market and user research, concept ideation, screening and testing, introduction and launch, product lifecycle management, and sunsetting. The process is intended to ensure that a product is viable, feasible, and desirable, ultimately leading to successful market competition and profitability.