Reasons For New Product Failure

1033 WordsNov 2, 20155 Pages
The Reasons for New Product Failure There are many reasons new products will fail 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 (Hartley, Kerin, & Rudelius, 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 (Hartley, Kerin, & Rudelius, 2011). The term protocol is a three-step process to where the products research defines whom the target market is. Followed by confirming the product will meet the consumer’s needs, wants, and preferences to ensure the consumers are satisfied. And finally, making sure the product will stand up to the expectations that they were marketed to do (Hartley, Kerin, & Rudelius, 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 currently used product has met their needs (Hartley, Kerin, & Rudelius, 2011). Why would they want to change, from one brand to another? Consumers must be informed and given an alternative

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