Question

Many times businesses fail because they have a lack of understanding of the potential customers for their product or service or they greatly overestimate the number of available customers. From your experience or research describe a product or service that failed or that was less successful than it could have been because it did not understand the customer's needs. How do you think this product or service could have been repositioned to be more successful?

Answer 1

One of the failure in the market just because of the fact that they couldn't understand what actually the scenario of potential customers are is Tata Nano car launched by Tata group of companies where in the 10 years of initiation the plant has been shut down as there are no orders and market failure is due tolack of knowledge of potential customers as they thought the customers should be high in number where the car is made available quite cheap but couldn't understand the fact that a car isn't a substitute for two wheeler instead they could have position their brand in such a way that the car is meant for backup option or car for local purposes.