Critical Review Whay Most Product Launches Fail
966 words 4 pageslondon college of accountancy pre-sessional course 2012 | Critical review of ‘why most product launches fail’By Joan Schneider and Julie Hall | Final draft | | Ijaz Khalid302480/402604 | 19/11/2012867 wordsSubmitted to: Barbara Webb |
The debut of a product into the market termed as product launch. The product launch signifies the point at which consumers first have access to a new product. But when it comes to new products, great expectations can doom products that don't measure up to them. There are more stories of failure than success when it comes to new product launches. Approximately 95 percent of new products introduced each year fail, according to Cincinnati research …show more content…
Flaw 3 concerns the new item exist in “product Limbo” it happen because of wrong research and which can end up with hybrid product such as C2(product of coke cola). Consequence of which product got fail , lesson from this mistake is product should be tested to ensure that it benefits are different from the other existing products.
Then they introduces flaw 4 which is ‘the product defines a new category and requires substantial consumer education but does not get it’. Febreze scentstories is an innovative product but it lead to confusion within consumers which resulted in its failure. This could be solved by better educational campaign which helps in developing better understanding/awareness of product.
Then they put forward flaw 5 which is ‘product is revolutionary but there is no market for it’ this normally happen when company neglect basic question such as who will buy this and at what price. In their conclusion, the writers point out some of these problems(faced in flaw 1 and 2) due to product quality and manufacturing problem can be solved by delaying the launch, these kind of problem occurs because of timing and delay might increase the probability of success. Flaw 3to 5 are more tricky as they directly relate to the products itself. For that company should have effective team work which integrate all departments or function which could involve in a product launch. However in order to avoid failure, it is better to consider opposing opinion than launching