WHY PRODUCT FAIL?? Product Management MBA Project
Companies need to give more time on the new product development so that they do not have to face failure and then they try to correct their mistakes. There are only few things which need to consider before the launch of any product. Research and development, innovative ideas, new technology, better marketing strategy, proper distribution channels and respect towards the need of the consumer can make a product successful.
Here, the need is to make product successful at the very first go rather to try out another time. This helps the company to save money, gaining trust among the employees and consumers and last of all, increase the confidence to launch more new products which will serve the customer better.
Once a company has carefully segmented the market, chosen its target customers, identifying their needs and determined its market positioning, it is better able to develop new products. Marketer play a key role in the new product process , by identifying and evaluating new product ideas and working with R & D and others in every stage of development.
New product development shapes the company’s future. New product launch is a very complex, time consuming and is financially a big issue for any company. There is expectation from every new product launched to have high sales, to have good margins, to capture market share and thus become market leader. These are the expectations however the real picture may be not so good or as expected. Many a time the products introduce are flops and thus results in loss. This loss may be in terms of monetary as lot of money is involved in launching a new product. It also results in loss in terms of image.
Product failures can serve one useful purpose: Investors, entrepreneurs and new product team leaders can learn valuable lessons about what not to do.
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