The Reasons for New Product Failure There are many reasons new products fails in today’s market. Probably the leading reason is that the manufacturer failed to research the consumer needs, wants, and preferences enough in detail to establish what is truly needed by the consumer (Kerin, 2011). All new products need to be able to meet the needs of the targeted consumers. And it is up to the manufacture to ensure that they are looking at every aspect of those needs, wants, and preferences that the consumer has. This process is defined, as “Protocol” for the new product that is to be marketed to the consumer (Kerin, 2011). The term protocol is a three-step process to where the products research defines whom the target market is. Followed by ensuring the product will meet the consumer’s needs, wants, and preferences to ensure they are satisfied. And finally, making sure the product will stand up to the expectations that they were marketed to do (Kerin, 2011). Differences …show more content…
An insignificant point of difference can often go overlooked by consumers for the reason that their current used product has met their needs (Kerin, 2011). Why would they want to change, from one brand to another? Consumers must be informed and given an alternative reasoning for them to switch from one product to another. Manufacturers and their development group must ensure the success of new products that there is a significant difference between their product and their competitor. Timing Timing is very important to consumers. A new product must meet their need in present time. To bring out a product to the consumer after interest has shifted to another product normally will mean certain failure for the manufacture. Development and research must stay abreast of the consumers wants and needs to be successful (Kerin, 2011).
An innovative product can increase product differentiation and value (V); can strengthen buyer demands – boosting sales. Another strategy is Chipotles ability to offer organic ingredients at an appealing price point.
Companies realize what people need and they take it as sources to produce commodities. However, companies which have famous brands try to get people’s attention by developing their products. Because there are several options available of commodities, people might be in a dilemma to choose what product they looking for. In fact, that dilemma is not real, it is just what people want. That is what Steve McKevitt claims in his article “Everything Now”.
Products are marketed to consumers everyday reeling in one by one with manipulative ways and tricks on the brain. Through an article by The Onion both consumers and marketers and adverises on products is clearly critised. A marketers strategy is to outsmart the consumer with the vast knowledge and benefits a product has to offer in order to sell the product and make profit.
More new products need to be introduced and research needs to be done to find out which products will be most popular and profitable.
Competition is strong and dynamic in most markets. So it is essential for a firm to keep developing new products-as well as modifying its current products-to meet changing customers needs and competitors’ actions (Perreault, 281). Taco Bell continually is experimenting with new food product lines.
Have you ever thought how much research and effort a company has done to make their product appeal to you? A company will conduct surveys, record human responses to specific images, and adhere to government regulations not to mention all the different designs produced, just so that you will want to buy their product over their competitors. In Thomas Hine’s essay, What’s in a Package, Hine discusses the great length the response that a consumer should have when looking at a product’s packaging, the importance of manufactures’ marketing campaign, the importance of packages depending on the culture, then finally to why designs will change over time.
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
Since there are many competitors, P&G must find ways to distinguish themselves from their rivals. The factors that determine these are marketing, technological innovation and accurate consumer feedback. In terms of marketing, the public must be aware of the product, what it is used for and what makes it better than other alternatives. In terms of technological innovation, the product should have some advantage over the competitors’ product such as low cost or high performance. In terms of consumer feedback, data should be gathered on what the customer liked about the product, what they did not. This will allow the product to continue to evolve into what the customer wants.
When choosing a brand, recognizing their choice of testing and research is critical for consumers who
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
Pricing. Our product is priced lower than our competitors in our industry. Even though our competitors have a different kind of product compared to us.
With the rise of the economy, consumers have become more and more knowledgeable on selecting their favourable product as a result the organization cannot focus on what it sells but on the side focus on what the customer wants to buy.
When creating a marketing mix for a product, the company needs to look at the 4Ps: product, place, price and promotion (Eugene McCarthy, 1960). “When considering the 4 P’s of the GoPro, it is clear that the company’s success has been due in large to such great marketing.” (Suki Chan, 2013)[1].
The shifting of the consumer’s taste of simple products to high quality branded products is not sudden. It grew out in the middle of the 20th century and the companies selling various products needed a new way to differentiate their products from the others giving it a unique identity.
products they want. The goal is to not only provide consumers with what they know they