Discussion - You Missed the Mark!
Thousands of new products are introduced in the marketplace each year. As your textbook explains the benchmark of a successful consumer packaged good is to exceed sales by $50 million. Did you know that less than three percent of new products make it to this benchmark?! That is one reason why you see a product on the shelf today and then it is suddenly gone tomorrow! Another interesting fact noted is that families generally buy the same 150 products over and over again which makes it challenging to get them to try something new.
Chapter of your textbook has a section called, "Marketing Reasons for New Product Failures." Find this area and you will see a list of eight reasons why products/services fail. In addition to these eight reasons, a ninth reason could be added which includes, "little or no market research." Although no research can be associated with many of these failures, it certainly is worth a listing of its own since it is an area that is often overlooked. We will study market research in the weeks ahead.
After you review this section in the textbook, please identify ONE product or service that hasfailed in the past. You can do some research online to find a product/service OR you can visit:https://www.dailyfinance.com/photos/top-25-biggest-product-flops-of-all-time/
When you have identified your product/service please address the following in your discussion post:
Identify and explain your product/service and then list two reasonswhy you think the product failed. Be sure to connect your reasoning's to the list of product failures found in the textbook.
APA FORMAT