The Reasons For New Product Failure Essay

The Reasons For New Product Failure Essay

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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).
Product failure often stems from the new product not having a significant difference from another product that is already in production, and available. 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 is very important to consumers. A new product must meet their need in present time. To bring out a ...

... middle of paper ...

...the miss guided marketing of the product and the targeted market that should have evolved with the health consciences consumer.
Manufacturers seem to try and cut out the protocol for new products either to eliminate cost or to get it into production faster. The failure not to always follow a standardized procedure in the research, development, and testing of products tends to result in product failure for the manufacturers. It would seem that a lesson learned from the previous example goes unheeded. Products can only be successful when the manufacture of the product, truly utilize the research and development to make the decision on that product, and ask them self,” Is this truly what they or I would use?” It is crucial to understand that consumer buying and spending is based on the need for consumers to satisfy their wants and needs (Kerin, 2011).

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