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Recommended: Marketing Strategies
Product Failure
Many products are released to the market each day, however not all products make it to the consumers. The success of a product or service has a lot to do with a good sound marketing strategy and going through the proper process to make sure the market is ready to accept the product. There are many reasons why a product fails, sometimes it can be related to marketing and sometimes it is an organizational issue, and in some cases, it could be both.
One of the reasons that a product can fail, can be simply bad timing. This can happen if the company’s products are released too late, too quickly, or when the markets interests are shifting (Bethel University, 2011). A company must research what the market is in need of and what they
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Rushing to get a product to consumers can cause poor quality, which is worse than bad timing. Poor quality often results when a product is not tested meticulously, and can cost a business an exorbitant amount of money (Bethel University, 2011). Poor quality can cause poor relationships with consumers, which result in a loss of revenue (Waddock & Bodwell, 2004). Customers do not want to waste hard-earned money on defective products.
Another reason a product can fail is poor execution of the marketing mix, which could be the brand name, distribution, the packaging of the product or the price of the product (Bethel University, 2011). A company should do a vast amount of work before they release a product. The marketing needs to be clear and concise so the consumer knows what the product is and how to use the product properly. There should be no guesswork in a product by a consumer. A clear marketing strategy should leave the consumer wanting their product, not wondering about the
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Another way to create a failed product is to push a product to the market that has not been researched. Although today’s managers are under the extreme pressures to perform, poorly conceived products getting to the market just for the sales dollars is wrong for business. “The focus on speed often results in overlooking the network of services needed to support the physical product” (Bethel University, 2011, p. 156). Bad products hitting the market can damage a company’s reputation. It is better for a company to spend the money on the research needed and following the proper steps to have a successful
For assistance in this evaluative process Fortenberry (2010), marketers often rely on a tool known as the SWOT Analysis. (p.185) The SWOT Analysis is a helpful tool for Scarlet Hospital. By using this tool, they will be able the fully outline their strengths, which they can build upon. They will also be able to determine their weaknesses. For example, weaknesses could include poor customer service, antiquated technology, or poor product offerings. According to Fortenberry (2010), weaknesses undermine product performance and ultimately, exchange in the marketplace. (p.
One of the initial of most common reasons why designs and products fail is due to the lack of having a set product vision. Many designers often chase behind the factor of having a good feature for their product design and neglecting the main idea of having a set vision and strategic thinking. Also, another reason for a design to fail is the lack of learning for the culture of the product. A good design can be created w...
What we conclude from our research that there’s no single organization free from facing complications and difficulties. Each and every organization face few or many strategic problems. Johnson & Johnson had a problem with one of their products, and they were smart in handling that problem to keep the company on the safe side without letting it effect it negatively. It is very important to act quickly to fix the problem before many consumers notice.
Copyright infringement and fake products are causing both financial and brand recognition issues for big manufacturers, because of the low quality that makes the actual product look un useful.
They can also assist Can Go with realizing which products are the most successful, and which markets might have been overlooked. Paper
Christensen, C. M. (2000). Discovering What Has Already Been Discovered: Why Did Your Customers Hire Your Product? Case Study, 2.
The one of main factors is that costumers are swayed by product itself. Where are we buying it? What is the trademark of the product? How much is it? What is the product’s appearance? How about product’s use? And, does the product have a good quality? All of these questions will appear in our mind when we are making decisions. Thus, every consumer will accord to analysis by synthesis product itself, and focus on the product that he or she most favorite. The ways of vendition and the environment of vendition impact the buying behaviors of the customers. The seller makes an attempt to choose the right way and sell the products in the right environment. Consumers will select a safe channel, and according to legal order trade with the marketer. So, having a good channel and place is very important. Usually, a well-known trademark can attract customers to buy the product, because of its influence, history, or another factors. In
One problem anyone is going to have in just about any industry is the amount of inventory to keep at warehouses. If there is too much inventory, then high costs will become a problem and hurt your bottom line. At the other end, if you try to save too much money by keeping inventories dangerously low, it may create stock-outs. These can infuriate your clients
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Threat of substitutes in market as best quality is not always a priority for some customers as they are price sensitive.
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality internet marketing services, hiring an online marketing company to design a customized internet marketing campaign may be advantageous for some businesses (EStartup business blog and contributors, 2010). Identified will be the role that marketing plays in a successful business demonstrated by use of two examples, the importance of developing a marketing plan, and ethical and legal issues that surround marketing practices (EStartup business blog, 2010).
All products go through a product life cycle. A successful product will go through 5 stages, development, introduction, growth, maturity, and decline. It begins in the development stage. An idea is formed and a product is created. The next stage is the introduction stage. In the introduction stage the new product is presented to the market. At this stage early adopters start to purchase the product. If Successful sales will start to increase and the product will move into the growth stage of the product life cycle. If a product reaches the growth stage it is being accepted by the market. Unfortunately the growth stage will not last forever and eventually the market will saturate and sales will begin to flatten out. The longer the maturity stage lasts the better as after this is the decline stage. The decline stage comes when a product becomes obsolete or less desirable sales will decrease and new products will take over. Much of a products success in the latter stages in the product life cycle is down to the performance of new product development so it is critical...
Advertising may solve this problem in most cases. Consumers can gather information for several products through advertisements and because of this, producers must improve the quality of their products. But why firms advertise so much? As I noted above advertising increases consumer¡¦s information. So we can suppose that a firm which advertise much, has high quality products. A very expensive advertising campaign is something like a signal to potential consumers, that the firm believes that its product has good quality. Furthermore the company believes that because of its good quality products, is going to make repeat sales for a long time in order to ¡§recoup the fixed costs of initial advertising¡¨. On the other hand, firms with poor quality products ¡§that know that consumers will soon discover they have been misled about quality¡¨, do not invest much in advertising.
... right people by increasing the awareness about the product, its benefits and drawbacks. This is important for the success of a business.