Many products fail, some of them spectacularly. Why do you believe the failure rate for new products is so high?
Account for the lack of success of a new product with reference to the following stages of new product development.
- concept development
- marketing strategy
- test marketing
Many products fail during their early life period due to the poor quality of it's materials, poor product design, poor manufacturing process used, or poor inspection and testing processes used to test the compliances of the product with respect to standards.
During the concept development phase the product fails because the concept of new product does not have a well defined knowledge about the product, it's design and specifications and any background about the product's knowledge.
During marketing strategy the product fails due to lack of the marketing and sales experts to influence the customer's and attract them. They also fail to reach a wide range of customer's.
During the test marketing the product fails because during testing, poor testing processes may have been used or poor demand forecasting may have been done. The requirements and needs of the customers may not have been introduced into the product properly which leaded to failure of the new product.
Many products fail, some of them spectacularly. Why do you believe the failure rate for new...
2. Why do new products fail? Select one: a. Because most products today have longer product life, there is less need for new products. b. Marketers tend to underestimate the market size and underestimate demand which results in lost customers. c. New product development doesn't effectively consider the "job-to-be-done" of the target audience. d. Social and governmental regulations have significantly increased new product development costs making it harder for new products to succeed.
Why do so many companies fail to have a strategy? Why do managers avoid making strategic choices? Or, having made them in the past, why do managers so often let strategies decay and blur? Does the company you work for have a strategy? What is it? It is decaying?
Consider the development of new products and pricing them for international (global) markets. (1) Describe and explain why some domestic products in the U.S. may be suitable for global markets, while others may require major changes to be successful in global markets. (2) Explain the reasons why a product that is successful in the U.S. may need to be re-priced for success in an international market.
Jonathan Moore, president of Polar Manufacturing Company, has just reviewed the performance reports for the previous year and sees that there are some areas in which the company needs to improve. He specifically feels they could do a better job in managing Polar's product mix. Jonathan calls a meeting of all the managers responsible for each of the product lines that Polar currently manufactures. The group decides that they need to eliminate the complete industrial product line of ice chests,...
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Jonathan Moore, president of Polar Manufacturing Company, has just reviewed the performance reports for the previous year and sees that there are some areas in which the company needs to improve. He specifically feels they could do a better job in managing Polar's product mix. Jonathan calls a meeting of all the managers responsible for each of the product lines that Polar currently manufactures. The group decides that they need to eliminate the complete industrial product line of ice chests,...