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 desire before releasing a product. Sometimes, no matter how much research a company puts into their products, it still fails due to bad timing. It could be that the market is not ready for their product.
Bad timing is one reason for failure, but trying to rush a product can cause other issues that cause a product to fail. 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 ...
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...duct would still be profitable today, instead of being a product failure.
There are many reasons products fail, a terrible marketing strategy can destroy a new product. The organization itself by making poor choices can cause products to flop. It is vital for complete research to be done before you release any product. Company’s need to listen to their consumers and not be out for themselves and wanting to make fast money can ruin a company’s reputation. Company’s need to keep the consumers in mind at all steps of the marketing process. When a company has a good quality product, it is amazing how the acquisitions from another company can change a product so drastically that it causes a good product to fail. An organization should take some time to do some deeper research when purchasing another company, so good products have a chance to stay around for the consumers.
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