Question

In: Operations Management

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?

Solutions

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.


Related Solutions

Answer the following questions with references and citations. 1. Explain, with the use of examples, when...
Answer the following questions with references and citations. 1. Explain, with the use of examples, when it would be appropriate to use trademarks and copyright to protect a firm’s intellectual property. Other than through the use of patents and copyright, how can a firm prevent its competencies from being imitated? 2. How can late entrants win the innovation race? Please give two examples. 3. Considering the case study, discuss some of the wider strategic reasons why firms may wish to...
pls answer the following questions: 1. Explain why firms might want to undertake risk management 2....
pls answer the following questions: 1. Explain why firms might want to undertake risk management 2. Why, when there is counterparty credit risk, are futures contracts often to be preferred to forward contracts? 3. Name the factors that affect the value of a call option and explain the direction of the effects.
This has to have in-text citations and reference for me to like the answer or I...
This has to have in-text citations and reference for me to like the answer or I won't accept it Question: Write 2-3 paragraphs on the Baddeley-Hitch model. You are required to cite a source.&n... write 2-3 paragraphs on the Baddeley-Hitch model. You are required to cite a source. This means you need the in-text citation within your paragraph and the full reference at the end of your paragraphs. Please note that 40% of your grade for this assignment is based...
Please answer the following questions. Be sure to support your answers with citations and references to...
Please answer the following questions. Be sure to support your answers with citations and references to existing scholarly publications. How does transformational leaderships’ focus on the affective aspects of leadership differ from the more traditional leadership styles, which are predominantly focused on tasks? Why is the concept of follower development, or helping people to achieve their own goals, such an important aspect of transformational leadership? How does this relate to Maslow’s Hierarchy of Needs?
Please answer the following questions. Be sure to support your answers with citations and refernces to...
Please answer the following questions. Be sure to support your answers with citations and refernces to existing scholarly publications. How do leaders relate to subordinates and colleagues? How do leaders balance the relationship aspects of leadership with the task-oriented aspect of leadership? Situational leadership is an amalgam of a directive and a supportive dimension. How does a leader determine how much focus to put on either of the two dimensions?
1.Answer the following review questions about the actual market efficiency. a.What is mean reversion? How might...
1.Answer the following review questions about the actual market efficiency. a.What is mean reversion? How might an investor use mean reversion to earn above-average returns? b.What is excess volatility? How might an investor use excess volatility to earn above-average returns?
1-Explain six of the following terms with reference to the Mollusca. In your answer be as...
1-Explain six of the following terms with reference to the Mollusca. In your answer be as comprehensive as possible regarding each term and use illustrations. a) mantle cavity, b) radula c) ctenidia, d) Monoplacophora, e) trochophore, f) pulmonate gastropod, and g) torsion. 2-Describe how the gnathostomes developed a jaw, and discuss how this adaption has benefitted later chordate species.
Answer the following questions in a paper of 500 words with 1 reference: Do you believe...
Answer the following questions in a paper of 500 words with 1 reference: Do you believe cultures are irreconcilably different? Or is it that deep down people are people and we're really all the same? How does this distinction relate to the difference between cultural relativism and traditional theories of ethics? Write down some factors leading to a significant decision you've made. It could be about choosing a field of study or a career path. Now, can you walk through...
Explain the importance of variation to health care organizations and answer the following questions What might...
Explain the importance of variation to health care organizations and answer the following questions What might the key processes for health care organizations be? What are common causes of variation that could affect the key processes of health care organizations? Which special causes might be more important than the others? How might health care organizations' business environment be dynamic and change over time?
Please answer the following questions in paragraph form using citations (text and/or web) to support your...
Please answer the following questions in paragraph form using citations (text and/or web) to support your responses. 1. Provide reasons why Freud’s principles of psychoanalytic theory have been called into question. 2. Provide reasons why Erikson’s principles of psychosocial theory have been called into question.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT