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Failure of Promising Products
It happens quite often that some products that seem to be extremely promising unexpectedly fail. Why does it happen? How could you make sure that a product doesn't fail? Identify a product that has failed in the marketplace and outline the reasons for its failure. Which stage of the New Product Development (NPD) process failed or was ineffective.
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There are a few reasons why a product that has high hopes could fail. Firstly, the product might have seen to be promising in the eyes of the company, yet they did not bother to gather enough consumer opinions to establish a strong enough consensus on how the product will actually be perceived. For example, did the company test the product with a large enough sample? Was the same of people selected randomly? This could be a key issue - if the sample does not represent the general population, then your results will be biased.
Did the company understand WHO would be interested in their product? This could be a major reason for product failure. If you are trying to sell your product to a group of individuals who have no interest in the product because you did not segment your population properly, this could be a major issue. The product might work well for a different segment of the population, but might fail for another group.
Pricing is also an issue. If your product is over or under priced, it could create a negative image in the mind of consumers, which will cause a great product to fail. For example, a product that is overpriced for its perceived value will fail (a no-name bottle of water costing 2.99 when the 'upscale' water costs the same price). If a product is priced too low, people might think that it is of inferior quality, and will hesitate to purchase it (a laptop for ...
Failure of promising products are examined.