Product Strategies And Reasons For Product Failure In Marketing

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

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