In the world of marketing there are several reasons that a new product may fail in its beginning phases. It is important for the product managers to do their research as well as be sure on which demographic audience he/she is trying to reach. In this paper we will discuss five reasons a product may fail in the beginning stages. One reason is called Myopic Growth Strategy this theory centers on a products longevity up against other competitive items. If the brand or product does not offer the consumer more than the brand next too it then more than likely the consumer will not think twice about purchasing it (Thau, 2014). It is like a win-win for both the consumer and products owner when a new brand can sell itself with increasing sales as well
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As reiterated before marketers come up with great products, but fail at which demographics will be a direct target. For example an apple representor would not go to nursing home to market the latest iPhone. Instead he/she might go where mostly the younger crowds hang such as the mall or a movie theater. Most elderly people barely know how to operate a cell phone, and in the case that they have one it more than likely has the basic settings.
The fourth reason for failure when launching a new is product pricing. The person putting out said product has to take in account so many variables and one of those is economic hardships. In an economy faced with low level paying jobs as well unemployment the product has to be reasonable with the reality of the economy. Product pricing can be seen in today’s car marketing arena. You rarely ever see a commercial for expensive cars such as the Bentley or the Maserati those are exotic vehicles that typically wealthy people …show more content…
Bad designs can be used as an example especially when dealing with cell phones. Another example of poor execution would pertain to interior of vehicles made with poor quality leather. The leather starts to crack within months of having the vehicle. The dashboard starts to buckle from the heat all of these are example of bad quality items. The brand did not meet the customer’s satisfaction which indicated bad architectural work done by the designer (Sehlhorst, 2012).
One product that I would like to see come back on the market is the kindle. It was used as an alternative for reading paperback books. I like the idea as well as the design it came in different sizes, and was a convenient way to read books without the hassle. The kindles can actually still be purchased on amazon if available.
As I market my new invention to the cell phone world, my target audience would the everyday working man and woman. I would go out on job sites and get feedback as to what does a professional need and want from a cell phone that he/she cannot do on their phone now. All of these ideas are crucial in order for my product to be able to meet the demands of my consumers as well as the targeted demographical audience I am trying to
As reiterated before marketers come up with great products, but fail at which demographics will be a direct target. For example an apple representor would not go to nursing home to market the latest iPhone. Instead he/she might go where mostly the younger crowds hang such as the mall or a movie theater. Most elderly people barely know how to operate a cell phone, and in the case that they have one it more than likely has the basic settings.
The fourth reason for failure when launching a new is product pricing. The person putting out said product has to take in account so many variables and one of those is economic hardships. In an economy faced with low level paying jobs as well unemployment the product has to be reasonable with the reality of the economy. Product pricing can be seen in today’s car marketing arena. You rarely ever see a commercial for expensive cars such as the Bentley or the Maserati those are exotic vehicles that typically wealthy people …show more content…
Bad designs can be used as an example especially when dealing with cell phones. Another example of poor execution would pertain to interior of vehicles made with poor quality leather. The leather starts to crack within months of having the vehicle. The dashboard starts to buckle from the heat all of these are example of bad quality items. The brand did not meet the customer’s satisfaction which indicated bad architectural work done by the designer (Sehlhorst, 2012).
One product that I would like to see come back on the market is the kindle. It was used as an alternative for reading paperback books. I like the idea as well as the design it came in different sizes, and was a convenient way to read books without the hassle. The kindles can actually still be purchased on amazon if available.
As I market my new invention to the cell phone world, my target audience would the everyday working man and woman. I would go out on job sites and get feedback as to what does a professional need and want from a cell phone that he/she cannot do on their phone now. All of these ideas are crucial in order for my product to be able to meet the demands of my consumers as well as the targeted demographical audience I am trying to