Explain why some products fail and others succeed.
What will be an ideal response?
Products fail for a number of reasons. One common reason is that they simply do not offer any discernible benefit compared to existing products. Another common cited factor is a poor match between product features and customer desires. Other reasons for failure include overestimation of market size, incorrect positioning, a price too high or too low, inadequate distribution, poor promotion, or simply an inferior product compared to those of competitors.
The most important factor in successful new product introduction is a good match between the product and market needs. Also, firms that routinely experience success in new-product introductions tend to share the following characteristics: a history of carefully listening to customers, an obsession with producing the best product possible, a vision of what the market will be like in the future, strong leadership, a commitment to new-product development, a project-based team approach to new-product development, getting every aspect of the product development process right, and a willingness to fail occasionally.
You might also like to view...
Supplies Expense is a temporary account
Indicate whether the statement is true or false
Collectively among all the research on the Behavioral Approach, what is one consistent finding from the research?
A. the high task–high relationship style is best B. the middle-of-the-road style is what most followers prefer C. the opportunistic style is what most leaders use D. there was no universal style determined to be best
The key to allocating overhead costs is the determination of the ____
A) overhead B) cost driver C) direct labor D) product cost
If you were asked to use a powerful analytical tool to size up Amazon's competitive assets and determine whether they can provide the foundation necessary for its competitive success in the marketplace, you would choose
A. competitive strength matrix analysis. B. VRIN tests. C. financial and asset management analysis. D. value chain analysis. E. SWOT analysis.