The Reasons For New Product Failure Essay

The Reasons For New Product Failure Essay

Length: 956 words (2.7 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

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
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
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.
Conclusion
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).

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Product Failure Of A Product Essay

- 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....   [tags: Marketing, Failure, Ford Motor Company, Pudding]

Better Essays
1059 words (3 pages)

Essay on Reasons For Failure Of Small Business

- Over the years, many people have started small businesses, but not many have succeeded. Some get lucky and some just don’t have the tendency to proceed after a certain number of years. As stated, more than half of all small businesses fail within the first four years. There are many factors. for example, one could be poor management leading to loss of staff due to lack of motivation. Another factor could be making wrong business decisions that lead to loss of profits and force them into bankruptcy....   [tags: Small business, Business, Business terms, Failure]

Better Essays
722 words (2.1 pages)

Essay on The Role Of Marketing For New Product Development And Launch

- New product development is an essential key for a company to survive or stay competitive in the highly changed business environment nowadays(Annacchino, Marc A, 2003). Although technology plays an important role in the development of new products, the role of marketing should not be underestimated. A result illustrates that companies with a marketing department which has strong capabilities and skills are more likely to be more successful with their new products(Drechsler et al.,2013). Hence this essay will investigate the role of marketing played in the different stages of new product development and launch....   [tags: Marketing, Product life cycle management]

Better Essays
1437 words (4.1 pages)

Success Is Stumbling From Failure For Failure With No Loss Of Enthusiasm

- 1 INTRODUCTION “Success is stumbling from failure to failure with no loss of enthusiasm.” - Winston Churchill Failure and success are often seen as dichotomies of one another in the context of business, that is failure is the opposite of success or vice versa. However, in recent history the business landscape particularly that of the rise of entrepreneurs has led the ground work towards embracing failure as an important constituent for future accomplishment. Many of the world’s most successful business man come from a background of both personal and professional failures, such as Steve Jobs and Bill Gates, both of whom dropped out of colleges and have a long list of botched ventures prior t...   [tags: Failure, Entrepreneurship, Success, Entrepreneur]

Better Essays
1597 words (4.6 pages)

Product Marketing Failure: HP Drive Essay

- ... The group was also physically segregated from the company and was given the financial backing to achieve the projects critical objectives. All of these decisions by HP gave the project autonomy from the traditional HP development procedures. This approach help the development teams operate as a small firm looking to enter into a new market with an innovative product. All of this allowed for greater flexibility with regards to decision making along the projects rigorous time line. This lead to the development of a new technology, glass disk substrate, that had the potential to increase critical performance features that the end user demanded and would help HP increase upmarket capabilitie...   [tags: Computers, Technology]

Better Essays
753 words (2.2 pages)

Consumer Doubt Toward New Product Innovation Essay

- INTRODUCTION Past researches believed that an organization should thoroughly focus on consumer starting from idea generation stage until product launch. As suggested by Sanden et al., (2006) that in order to potentially achieve higher consumer value, consumer satisfaction and high profit margins from new product, activation of consumer in the development process is strongly advised. Therefore, consumer acceptance level is as important as the product itself and a company should be cautious of potential rejection which leads to product failure....   [tags: Consumer Behavior]

Better Essays
1846 words (5.3 pages)

The Impact Of Product Liabilities On The Business Essay

- Introduction In order to understand the effect on economics on the business, it is important to understand its definition. Economics is ‘the social science that studies the choices that individuals, businesses, governments and entire societies make as the cope with scarcity, the incentives that influence those choices, and the arrangements that coordinate them (Sullivan, 2011).’ This paper will discuss the impact of product liabilities on the business. Because economics impacts our daily lives, it is important to understand how the goods being provided satisfies our needs....   [tags: Economics, Macroeconomics, Microeconomics, Economy]

Better Essays
1036 words (3 pages)

Assessment of Product: The Refrigerator Essay

- Customer Expectation for a product changes from one customer to another and so does the definition of quality. In case of a refrigerator there isn’t a product that could satisfy every customers need therefore manufactures have to target their products in different segments. Even if the product caters for a certain customers need, it wouldn’t stop a rival company from bringing new features that customers never imagined and now customers have changed their quality definition. When assessing the quality of a product it is important to understand the thought process of a customer as sales are generated through them....   [tags: Consumer Issues]

Better Essays
1270 words (3.6 pages)

Essay on Failed Product Report: Crystal Pepsi

- Failed Product Report: Crystal Pepsi There was a marketing fad in early 1990s equating clarity with purity. Just to name a few, Miller Brewing Co. came up with Miller Clear(March 1993), Coors Brewing Co. came up with Zima Clearmalt (1992), Procter & Gamble came up with Ivory clear liquid hand cleanser and Colgate-Palmolive came up with Clear Sparkling fresh dishwashing liquid. Last but not least, PepsiCo came up with Crystal Pepsi in April 1992. Company Brief Description Pepsi Company (PepsiCo) owns many brands of beverages, snacks and other foods....   [tags: Marketing Business Failure Analysis]

Free Essays
2248 words (6.4 pages)

Cinchona and its Product--Quinine Essay

- Cinchona and its Product--Quinine The bark of cinchona produces several alkaloids. The most important alkaloid, quinine, has certain febrifuge properties. Quinine was used in the battle against malaria since the 1630's. Of 38 species of cinchona, four species have economic value for the production of quinine: C. calisaya, C. legeriana, C. officianalis and C. succirubra. Cinchona, of the family Rubiaceae, is native to the South American Andes. It thrives best on steep mountain slopes in rich volcanic soils and an annual rainfall of 1,500 cm.(9) The cinchonas flower in 3-4 years....   [tags: Botany]

Better Essays
1501 words (4.3 pages)