Answer the following questions with reference and citations: 1. Explain why consumer market testing might not...

Answer the following questions with reference and citations:

1. Explain why consumer market testing might not always be beneficial.

2. Discuss the dilemma faced by all firms of trying to listen to customers’ needs and wants and, yet, also trying to develop new products for those customers that they do not yet serve.

3. Discuss the many reasons why so many new products fail. Are there additional reasons?

Expert Solution

1. Consumer market testing might not always be beneficial -

You don't know what information you may need like going blind
Most reseach has a cost which you might not afford
Information that you are looking for may be already present in the blogs/websites.surveys available online
If you are not ready for everyone to see your product specially Competitors, hold off on product marketing
If you do not have marketing budget readily available for your team then don't go for it else it may result into insufficient data

2. Market progress is different from technology progress and therefore customers do not always knows what they need. Disruptive technology needs a new market . Old customers are less relevant.

It is not wise to always be a leader or follower. Disruptive innovations reward leaders.

Small enterent firms enjoy protection because they are doing things that do not make sense to the Industry leaders.

3. Reasons for New Product failure:

lack of unbiased research into the market and customers
The product required substantial consumer education and awareness
Bad pricing policy
Defects in advertising
Wrong group was targetted
Poor implementation of the marketing plan
Insufficient level of awareness
Quality of the product

Additional important reasons:

1. Fear of Failure : Launching a new product is a risky game which causes constant fear of losing the game hanging over your head. If you have a product against all odds, you will succeed.

2. Wrong team : No one is great in everything, even if they pretend to be. If you are math person, developing planning and strategy or updating content on websites may not be your cup of tea.

3. Insufficient time for Success: Some companies are willing to wait and invest in new product some more time whereas some can't afford much time.

keosha answered 7 months ago

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