Question

As you know, the news is often filled with stories of product or service failures. At first glance, it may be difficult for a marketer to pinpoint the cause of the product's failure. As such, prior to a product launch, it is important for marketers to initiate a situational analysis and a SWOT analysis. Based on your understanding of both of these analytical endeavors, which steps are essential to avoiding a product or service failure in the marketplace? Justify your selections with specific reasons, facts, and examples. In replies to peers, agree or disagree with their assessments and explain why.

Answer 1

Solution:

Most of the product or service failures are attributed to a very few common mistakes that almost every marketer commits. This mistake is not able to understand what our product is going to solvefor the customer and is that issue big enough for your consumers. This is one questions that remains unanswered for many marketers until their product or service failures. Most marketers will suggest coming up with a product because the market potential is high and there will be huge returns from the product, very less often the attention is padi to what actual problem the product or service will solve for our consumers and checking the product market fit. Hence, these are some common reasons why many products and services fail over time.

To ensure we do not risk failure because of issues at our end, we must critically analyse the situation and the extrenal environment of the market to understand what should be the course of action. Using the tools such as SWOT analysis helps us way before the product development to undderstand the lucrative market to enter based on the results of the analysis. This is the care we must take while deciding on the market we need to enster after SWOT analysis. Now the challenges come during the product or service development where we actually focus on other factors than the one necessary. The factors that monetize are often given preferecne but a good product should be the one that solves the problem of the consumer and only then there will be a good product market fit.

Thus, it is very much necessary for the marketer to hone the cap of a cponsumer and look assess the product andservice. IT is necessary to understand the requirements of the consumers to be able to come up with products that have less chances of failure.