Saturday, April 9, 2011

BUS 3500 Week 9

This week we learned about new product development. We discussed idea generation, development and testing. I found in the PowerPoint presentation from this chapter something that I could use in the future. It was a list of reasons new products fail.

Why New Products Fail:
  • No discernible benefits
  • Poor match between features and customer desires
  • Overestimation of market size
  • Incorrect positioning
  • Price too high or too low
  • Inadequate distribution
  • Poor promotion
  • Inferior product
This list really serves as a reminder when developing a new product. All of these items in the list can be avoided but there will always be failures. This is why there are new products introduced every day and old ones discontinued. Every product has a life cycle, some products have a life cycle of a few years and other have decade long life spans.  

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