Product planning is a process that involves identifying opportunities, evaluating and prioritizing projects, allocating resources and planning timing, completing pre$-$project planning, and reflecting on the results and the process. The opportunity funnel collects possibilities for new product platforms, enhancements, and fundamentally new products from various sources, both internal and external to the organization. The product planning process involves a five$-$step process:Identify opportunities: This involves collecting information on potential opportunities for new products or product enhancements. The opportunities can come from various sources such as customer feedback, market research, competitor analysis, technological advancements, and more.Evaluate and prioritize projects: Once the opportunities are identified, they need to be evaluated based on factors such as the organization's competitive strategy, technological trajectories, and product platform plans. The evaluated opportunities are prioritized based on their potential value, alignment with the organization's goals, and other factors.Allocate resources and plan timing: Once the projects are prioritized, resources need to be allocated to them. This involves determining the necessary resources such as personnel, equipment, and materials, and planning the timing of the project.Complete pre$-$project planning: This involves developing a mission statement for each product development project. The mission statement documents the product description, benefit proposition, business goals, target markets, critical assumptions, and the product's stakeholders.Reflect on the results and the process: Finally, the organization needs to reflect on the results of the product planning process and make any necessary adjustments to the process itself. This helps to improve the process over time and ensure that it remains effective. Final answer: Overall, the product planning process is a critical process for organizations that want to develop new products or enhance existing ones. It involves a systematic approach to identifying opportunities, evaluating and prioritizing projects, allocating resources, planning timing, completing pre$-$project planning, and reflecting on the results and the process. By following this process, organizations can ensure that they are investing their resources in the right projects and developing products that meet the needs of their target markets and contribute to the organization's overall goals. Sunmarize this process given the project as Smart Waste Management