Question

Choose one of the product listed and determine what the company could have done to prevent the product from failing.

Answer 1

Product failure appers when a fresh product is presented but fails to gain ample sales and market sales, eventually it creates a net loss for a firm.

Example:- Colgate is one of the biggest brands of toothpaste sector. The simple logo is incredibly related with brushing the teeth.

It is worthless to say, when we see the Colgate brand above a frozen meal, it generates great uncertainity amongst customers. We don’t need to eat toothpaste for dinner. But, that is the latent message that stands out from this packaged food.

Methods for avoiding the product failure:-

i) If company are going to release a new product, a company should try to test the product on a illstrative sample of capable consumers. If the response is positive, the product has a better chance. If sample give negative response, it is possible for the company to rejoin to this or even pull the product.
ii) To test the product appropriately , it could be launched in a small geographical area. If the product is successful in one state, it could be launched to the wider area and then other countries.
iii) The larger product failure have often been overstated with companies spending more time on marketing than the product. Sometimes the better is to launch products and if they create a decent response, then encourage marketing rather than the other way around.
iv) Companies who come to control an industry are not compulsory the first, but early developers who learnt from the mistakes of other companies.