The rate of failure of new products is very high”.

Word Count : 3373

---

The rate of failure of new products is very high”:--

Reason #1: No Product-Market Fit

Achieving product-market fit means you’ve developed a product that offers value to the right market for your business. When you’ve found it, you’ll see signs like:

• Increased sales
• Low churn rates
• Product popularity growing through word of mouth
• High usage among your core customers

Without product-market fit, you’re unlikely to find much success with your product, no matter how well it works.

I’m sure you remember how Microsoft decided to take on the iPod in 2006. The company launched Zune, which promised to do everything that Apple’s device could do too. Yet, in spite of great promises, Zune failed on the market.

Why did Zune fail? Microsoft was just chasing Apple and created a product that offered no reasons for customers to switch. Microsoft’s marketing campaign fell flat compared to Apple’s, and the Zune’s feature set wasn’t as valuable to users as the iPod’s was. What’s the lesson from this mistake? It’s hard to know how the market will react to a product and marketing messaging, hence why it’s crucial to test these things beforehand.

Targeting the wrong market can lead to problems with fit, as can chasing a market that’s too small to sustain your business. Companies that routinely earn and keep product-market fit do so by adapting their product regularly to fit the changing needs of their market (not the other way around).

Reason #2: Solving the Wrong Problem

Every successful product needs to solve a problem for its users, and, going back to the idea of product-market fit, there need to be enough users with that specific problem. Solving a non-existing or rare problem won’t earn the popularity you need to gain traction in the market.

In 1990, Maxwell House launched Ready to Drink Coffee. The premise behind the product was simple: To create a new, convenient way for customers to enjoy coffee instantly, without having to actually make themselves a cuppa at home. Sounds genius, right?

A customer could buy the product at their local supermarket, bring it home, microwave it, and … voila, their coffee was ready. So why did it flop?They experienced a common problem many business leaders (especially early-stage entrepreneurs) encounter: feeling overly attached to their idea and convinced that there’s no need to change course. In this case, they envisioned a high-tech way to tackle a problem that didn’t need such an intricate, resource-intensive solution.

It turned out that you couldn’t microwave the coffee in its original packaging. Instead, customers had to pour the product from the packaging into a mug before putting it into the microwave … an activity no different than pouring yourself a cup of fresh coffee from the coffeemaker. That’s exactly what customers kept doing, forcing the company to abandon the product.

The solution for this kind of problem is to talk to your customers and target market. You may start out by creating a product that solves a problem you experience—and that’s a great place to begin. However, if you don’t check in with a larger audience, you’ll never know how widespread that problem truly is. Going back to your customers and validating your product decisions during (and even after) the build is the key to creating long-lasting, highly efficient products. Keurig’s continued success is a great example of a company finding an innovative way to solve the same problem Maxwell House tried to address.

Reason #3: Aiming for “Perfect” Instead of “Done”

When you’re launching something new, you have to balance the value you’re trying to deliver against the timeframe needed for your team to develop it. While putting a half-baked product on the market can certainly lead to problems, so can waiting too long to launch. It’s better to spend a month creating and launching an imperfect product that will garner feedback than it is to devote a quarter to perfecting software that may not actually address the problem you want it to.

That was what happened with Google Lively, the search giant’s answer to Second Life. After prolonged product development, Lively finally launched in 2008, just as the recession started to take its toll. As a result, the company pulled the product after just five months to “focus more on our core search, ads and apps business.”

New products (and new businesses) often fail because they spend too much time and resources trying to create something “perfect” instead of going to market with a completed product that can begin earning revenue. By the time that over-engineered product does hit the market, customer needs could have changed, the market segments may have evolved, or the economy could have shifted.

It’s completely normal to feel a little embarrassed when you launch your minimum viable product (MVP)—in fact, if you don’t feel at least a little worried about how your first launch will go, you’ve probably waited too long to release your product.

Reason #4: Not Gathering Regular Feedback from Customers

Customer feedback is the key to developing a product that solves their problems. Without checking in regularly, you’ll never really know if your product is delivering value or not. Even if that initial feedback is negative (which, if you’re working with an MVP, some of it will be), it contains actionable insight into how you can make incremental changes and improve your product over time.

In 1970, AT&T became blinded by its own vision and ignored negative feedback in trials, which led to the failure of the Picturephone. The company’s executives believed that a million units would be in use within 10 years of launch. Instead, after spending years researching and trialing the product, they pulled it off the market in just three years due to a lack of consumer interest. We know now that customers want video calls (we use them every day), so why did Picturephone fail?

As it turns out, users found the equipment too bulky, its controls unfriendly, and the picture too small to view clearly. The price for the service was also too high for most consumers—and these were all things users brought up during the trial phase.

Negative feedback can be difficult to deal with, especially if your company is brand new and you’re trying to make your entrepreneurial dreams a reality. It’s completely natural to want to avoid acting on it—or to avoid collecting it altogether. However, if you don’t ask your customers for their truthful opinions, you’ll never be able to iterate on your product responsively and quickly.

Your best defense against frivolous spending and wasting precious development cycles is proactively gathering feedback and validating every new feature and iteration of your product to better understand which product features add the most value for your end-users.

Reason #5: Iterating too Slowly

Quick updates are another key component of a successful product. The emphasis here is on “quick”—customer needs change fast, and so _______ ___________ ______ ______ ______ ______ _________ __________.
_________ _________ ______ _____ ___ _________ _____ ____ ____________ ________ ________ ___________ _____ _____ ____.
__________ ___ __ _____________ ________ _____________ _____________ _______ ________ __________ _________.
___ _____ __________ ____________ _____ ____ ___ _____________ ___________ __ _______ _______ _____.
____ __________ ___________ ___________ __ ____ __ __________ ___________ __________.
__ _____ _______ _______ ________ ___________ ____ __ ___________ _____________ __________ ____ ______.
_____ __ _____ ______ ________ _____________ ___ _____ ________ _____________ ________.
___________ ____ ____ ______ ______ _______ _________ __________ ___ __.
__ _____ _____________ _______ ______ ________ _____ ____.
________ _____ ___ _____________ _____ _____ ___________ ____ _______ ___________.
__________ _____________ __________ _________ ___ ______ ______ ___________ __ __________ ____ ________.
____ ________ ________ ___ _______ _____________ ___ ____ _____ ___________ _______ __________ _____ ______.
________ ___________ _________ ____ ___________ __________ __________ ____________ ________ __ ____________ ____________ _____________.
_____________ ____________ ________ _________ ____ _____________.
__________ _____________ _________ ___________ ______ ________ _____.
__________ ____ __ _____ ____ _____ _____ _____________ ________ ___________ _____ ____ __ _____ __________.
____________ __________ __________ __________ __________ ___________ ___.
____________ __ ____________ ________ ___________ ___________ __ _____ _____ ___ __ _____________ ___________ _____________.
__________ ___________ ___________ ____________ ____ ____________ ____ __.
__________ ___ ___ ________ _________ __ _____________ _________ __ ____ _____________.
__________ __________ __________ _________ __ ____________ _______ ____________.
_______ ________ ___ ____ __________ _____________.
__ __ ______ ___ _____ __________ _______ _______ _________ _______ _________ _________ ________ ____________ _______.
____ ____________ _______ _____ __________ ___________ ___ __ ___________ ________ ___ ___________ _______ ________ _________.
______ _____ _____________ _____________ _________ _____________ ___________ _____________ __________ ____________ ___________ __ ___ ____________.
___________ ____ ______ ____ ____ _____ ___________ ___________ __ ___.
_____ __________ ___ ______ ________ ______.
____ ___________ ______ _______ ______ ____ ____ ____ _____________ ____ __.
________ ____________ ____ _____________ _______ ____ __ ____ _____________ ________.
_____________ _______ __ ___________ ____ ___________ __ ______ _______.
__ ______ ______ ____________ ______ _____________ ___________ ________ ____ ________.
_____ ___ ___________ _________ ____ _____________ ________ ____________ _________ ________ ____________ ________ ________ __________ _________.
__________ _____ ____________ ____ ______ ________ ___ _____ ____________ ________ _______.
__ ____ ____________ ____ ________ ___________ _____ ______ __ _______.
___________ _________ _______ ____ ____________ _________ ______.
____________ _________ _________ _________ ___ ______ ______ ____ _____________ ____ ________ ___ ______ ______ _____________.
______ _________ __ ___________ __________ ___________ ______ __________ _____________ ____ __ ________.
__ ____________ ________ ___ _______ __ ___________.
__ ____ ____ __ ______ _______ ___ ____ ________ ___ _____.
______ ____________ ___ ____________ ____ ___________ _______ ______ _______ ___ ______ ________ __________ ___ __.
_____ _______ __________ ___ ______ ___ _________ ___ __________ __________ ___ __ ____________ ____.
____ _____________ ____ ______ _____ _____________ ______ __ __________ __ ________ ___ ____________ ________ ____.
____ ________ ____ ____________ ______ __ ___.
____ ___ ________ ___________ ______ ___________ _________.
___ _____________ __ __________ _______ _________ ____________ _______ _________ ______ _________ _____ __________ ____ __________.
________ _____________ _________ ____ ___ _____ _____________ __________ ______ _____________ ______ _________ __________ ___________.
_____________ _____________ ____________ __________ _____ ____________ ___ ____________ _________ ________ ___ ______ ___ ______.
____________ _________ _____________ _______ ______ __________ _____________ ___ _____________.
____ ______ ____________ __ ___ ________.
____ ______ __ ___ ______ ____________ ____________ __________ ___.
____ ___ _________ ____________ __ ______ __ _____________ ____________ __________ _____________ ______ ________ __________ ________.
__ ___________ ___________ ________ __________ _____________ ____________ __ _______ ______ ________ ________.
___ _____________ _________ ____________ _____________ _____ ________ ________ __________ _________ ___________ __ ___________ __________.
___ ________ __ _________ ______ ___________.
__________ ______ _______ ____ _________ __ __________.
__ ___________ ____________ ___ ___ ___________ ____ __ ___ _____________ _____________ _____________ _________.
____________ ____ ____ _____________ _____________ ______ ________.
____ ________ _____ ____________ _________ __________ __ ________ ____ __.
________ __________ _______ _________ ___________ ________.
__ _______ _____ ___ ___ ____________ _____ ____ __ _____ __________.
___ _______ _______ _____________ ________ ____________ ________ ________ _________ ____ ___________ ___.
__ ________ _________ _____________ ______ ________ _____ _______ _____ ___________.
______ _________ _______ ____________ _______ __ _________ _____________ ____________ ___________ _________ ______ ___ ______ __.
__________ ____________ ___________ _____ ____ ___ _____________ ____________.
_____________ ___ ____________ ____ __ __________.
___________ ______ ______ ____________ ____ __________ __________.
__________ ____________ ____________ _____ _________ ______ ____ _________.
________ ___ ___________ _______ _________ ________.
_____________ _____________ ____ _____________ _____ ___ ____________ _____________ _________ _______ ________ ____ _____________ ___.
__________ _______ _____ ___ ___ _____________ ______ _________ ________ _______ _______ ___________ ______ __.
____ __ _________ __________ ___ ____ ________ ____.
__________ ____ __________ ____________ __ ____________ __________ ___________ _____________ ________ ____________ ____ ___ _____.
_____ _______ _____ ___ ____________ ______ _________ __________ _________ ______ _____________ ___ ____ _________ _________.
_____ __ ______ _____ _______ _____________ __________ __ ________ ___ __.
____________ ___ ________ ____ ____________ ________ _________ _____________ _____ ____.
_________ _____________ _______ _____________ ___________ ___________ ___________ __.
_____ _____________ _____________ __ __ ______.
_______ _____ _________ ____ ____ __________ _______ ____ ___ ___ ________ _______.
_____ ________ _________ ____________ __________ _______.
______ ______ ______ ___ ____________ _________ _____ _______ _____________ ______ ____________.
__________ __ ____ ______ ___________ ____________ _____________ ___________.
________ ______ ____ ____________ _______ ____________ _____ _______ ___________ ___ ________ ________.
____________ _________ _____ _________ ____________ _______ ________ ________ ___________ ________ _________ __________ ___________.
__________ ___________ _____________ _____________ ___________ ___ ___________.
_____________ ___ ___ ________ __________ _______ _____________ _____ ___ _______ _____________.
_____ __________ _____________ _____ _____________ ____________ ________ _________ _____________ ________ _____ _______ _____ ___________ __.
____ __ _______ _________ __________ _____________ ________ __________ ____ ____________ ____________ _____ _____________ ___.
_________ _________ __________ ____ __ _________ ____ _____________ ___________ __________ ___________ ________ ________ ________ __________.
_____________ ___________ ____________ _____________ ___________ ____ __ __ _____________.
_________ __ ____________ __ ________ ____ ____.
_________ __ __________ __________ ________ ______ ___________ _______.
________ ______ ____________ ______ _____ ________ ___ __________ ______ __ ____ ________.
_____________ ___ ___________ _________ ___ _______ _________ ____ _________ ____ ______ ___ _________ _____________.
_________ __________ _________ ___ _____ ___________ _____________.
___ __ ___________ ___ __ ___________ ___________ __________ _______ ____ _____________.
___ _______ ____________ _____________ ____________ ____________ _______ _________ ________ _________ ____________ ______ ___________.
___ ______ ____ __ _________ ____________ __________ __________ __________ _________ _____________ _____ _____ ____________ _____________.
___ _____________ ____________ ____ ____________ _____________ ___________ _________ __ ______ __ __________ ________ ______.
___ _______ _________ __________ _________ _____________.
_____________ __ ______ ___ ______ ___ _____ _____ ________ __________ _______.
___________ ______ ____ __________ ___ __________ ________.
___ ____ ____________ ___ ___________ __________ ____ ________ ___________ _______ ____________ ____.
___ _________ ___ _____________ ____________ ___________ ______ _______ __________ __________ _______ _______ _____________ ____.
_________ __ ______ ______ ______ _____.
______ ____ ________ __________ ____________ ______ ____ _____.
__ ____________ ________ _________ ________ __________ ________ ______ _________ ___________.
___ ______ _____________ __________ ___ _____________ _____ ____________ ______.
_____ _____ ______ __ _____ _______.
__ _____ ________ ___ ___ ______ __ __ ___ _____ ________.
___ _______ ____ _____ __________ ______ ______ ___________ ___ _________ ________ ___________ _____ ___ __________.
______ __________ ___ ____________ ___________ __ _____________ _____________.
___ ______ ___________ _________ ___ _______ __.
______ ___ _________ ___ ____ ___ ________ ______ _______ _____ _________ ____________ __.
___________ _____ ______ _________ _____ __________ ___________ ___________ _____ _____________.
____________ ____________ _____________ _________ ___________ __________ ____________ ___.
_____________ _________ _____________ __________ _______ ____.
___ ________ ____ ___ _______ ___________ _____ _______ __.
_____________ ______ _______ ___ _____________ ________ _____________.
___ ________ ____________ ________ ______ _____ _______ _____.
__ _____________ ______ ____ __ __ ____________ __________ ___ __________ ____ ___________ ___________.
___________ ____________ ___ __________ _____________ ______ _____________ ____________ ___________.
____ ___ __________ _________ ________ ____________ ____________ _______.
_______ ____________ ___________ __ __ ______ _______ _________ __________ ________ ___________ __________.
________ ______ _____ _____________ _____________ ___ ____________ _____________ ___________ _________ ___________ ________ ___.
______ __ ___________ _________ __ ______ ________ _________ __________ ____ ____ ______ ________.
_______ ________ __________ ___________ ___________ ____________ ________ ___________ _______ ____ _________ ______ ___________ __________ ___.
______ _______ _____________ ___ __ _____________ _____________ __________ ___________ __________ _________ ____ _________.
__ ______ _________ ____________ _________ ___ ___ ________ _______ __ _____ _________ _______ __ ________.
__________ _____ ______ ____ __ ________ ____________ ______ ____________ ___.
__ ____________ __________ _______ _______ ____________ ____________ ___ ______ ______ ______ ______ ______ ____ __.
_____ __________ __ ___________ _________ ____________ _______ __ _________ ___________ ____ _____________.
___________ _____ __________ __________ ___________ _______ _____________ _______ _________.
_______ ____________ ___________ __________ _________ ___________ _______.
___ ___ ______ ____ _________ _________ __________ _____ __ _____________ ________ _____ ____________ ________.
______ ________ _____________ ____ _____________ ___ ___ ____ _____ __________ _____________.
___ ___________ ___ ____________ __ _______.
__________ ___________ __________ ____ ___ _____ _______ ___________ ___________ __________ __ _____ _____.
_______ ____ __ _______ ________ _____________ ___ ___________.
___ ______ ___ ___________ _____________ ___________.
_______ __________ __________ _______ ____________ __________ ___ __ _________ ________.
___ _____ __ _____________ __________ ________ __ ___ ________ ____________ ________ ______ ____.
__ ___ __ __ ______ ___.
___ __ ___ __________ ____________ __________ ________ ______.
__ __________ _____________ ______ ____ _________ __ _____ _____________ ___ ______ ______ ____.
___________ _____________ __ _____ _____ _____________ ______ ______ ________ __ _________ ____.
_______ ____ ___________ _____________ __________ ___ _____ ____ ___ ____ _____________.
______ _______ __ _________ ________ _________.
____________ __ _____ _________ _____ _________ ____ __ ______.
__ ___________ _________ _______ ___________ _________ _____________ ___________ _______ _______ ___.
__ ____ _________ ____ ___ _____ __________ _____ ___ _______ ________ _____ _____ ___________.
______ ____ ______ _____ __ ____________ _______.
____________ ________ ___________ _____ ___ _________ _____________ _________.
____________ ______ ___ ________ __________ ___ ___________ ___.
_____ _____ _________ _________ _____________ ___________ _____________ ___________ ________ ______ ___________ ___.
____________ __________ ______ _____ _____________ __.
_____ _____ ____ __________ __________ _____________ ______ _________ _______ __ _______ ___________ ________ ___________ ______.
__________ ___ ___________ ____ ____________ __ ______ _______ ____________ __________ ___________ ___ ___________.
_________ ____________ _________ ____ ________ _____________ _____ ______ ___ ___________ _____________ ______ ____________.
_____ ________ ___ _____________ ________ _____ _____________ _____________ ___________ _____ ___________ ________.
_________ __________ ___________ _____________ ____ _______ ______ ________ __________ ___ ____________ ____________ _____ ____ _______.
_________ _________ ________ _____________ _________ _________ _____ _________ ___________.
___ _____________ ___ __________ ___ __ ____ _____ _____ ______ ____ ___________.
_______ _____ ______ ____________ ______ ____ __ __ __________ ______ _____________ _____ ___________.
_________ __________ ____________ __________ ___ __________ ______ _____________ ______ ___________.
______ __ _____________ ____ ____ _______ _____________ ________ ______ _____________ ________ _____________ ___________ __.
__________ ________ ___________ ___________ __________ _______ _______ ________.
___________ __________ _________ _____ _____ ___________ _________ ___________ _______ _________ __ __ __________ ______ ___.
________ ___________ __________ ____ _______ ______ _____________ _____ _______ _____________.
_____________ ________ _________ _____ _____ _______ _______ ____________.
________ ___________ _______ _______ ____________ __.
________ ______ ________ ___ ___________ _____________ _________ __ ____ ____________ ______ ______ _______ _____________.
_________ ________ ____ ___________ __ ________ ___________ ____________ _____________ __________.
___ _____________ ___ ___ ______ ______ ______ _________ ________ __________.
___________ ___ ___________ __________ ________ ____ ______.
___________ ________ __ _______ ___ _______ ______ ____________.
_______ __________ _____________ _____________ __________ ____.
____ ________ _________ ____ ___ _____________ _____________ __________ ____________ _____ ________.
__ ______ __________ ___________ ____ ____________ ______.
__________ __ ___________ __________ ___________ ______ _________ _____ __ _______ _________ __.
________ ______ ______ ______ _______ __________ __ _____________ _____ ________ __ _________ ______ __ __.
_____ _______ ____________ _______ ___________ ___ __________ _____________ _____________ _______ _____________.
____ ______ ________ ______ _____ ____ ___ ____ ____ _______ ____________.
___________ ____________ _______ ______ _____ ______.
____ _______ __ _______ ____________ ________ __________ ____ ____.
___ ______ __________ _______ _____ ________ _______.
_____ ____ ________ ________ _______ ______ ____________ ____________ _______ ___________ _____________ _____ __________ ____.
__ _______ _______ ___________ ______ _____________ _______ ____________ ____________ ___ _______.
___________ ____________ ________ _____ ______ _____ _______ ___________ ________ __________ ______ _____ _______.
__________ _____ ________ _____________ ___________ _____________ _____________ ____________ ___________ _______ __________ _________ ______ _____.
____________ ____________ _____________ _____________ ____ _____________ ___________ _____.
__ ____ ______ _____ _____ ___________ __________ __ _______.
________ _____ ___ _________ _________ _____________ __ __.
____________ ________ _______ _________ ___ _________ ______ ________.
___________ ____ __________ ____________ _____________ ___ _________ _____ ____________.
______ ____________ ____________ __________ _________ _____________ ___ ____ _______ ____ __________.
_____________ ____________ ___________ _____________ __________ ______ ___ ______ __ ______.
_________ ________ _______ ______ ___________ _____ _______ ___________ _______.
__________ ________ ___________ _____ _____________ ___________ ___________ ___________ _____________ __ _____ ___________ ___________ ______.
________ ____ __ ______ _____________ _____ ________ __________ __________ ___ _______ ___ ___ ____ _____.
_____________ ____________ _________ ____________ ________ ______ ___ ____________ ___________ __ ______ ____.
___________ _______ ____ _____ _________ _____ ____ ___ ___________ ________ __.
_____________ _____ ___ ________ __________ _______ ____ ____ _______ ________ _____________ ______.
__ __ ______ __ ____________ ____ ________ _____________ _____ ____ __________ __ _____ __________.
______ _________ ____ __ ___ ____________ ____________ ________.
_______ __________ ____________ ___________ _____________ _____ _____________.
____________ ___ _____________ _______ ___ __ _______.
_____ _____________ ____ _____ ___________ _________ __ __ _________ __________ ____ __________ __ ____.
_____ _____ ________ ___________ ___ __________ ________ _________.
__ _______ ___ __ ____ ___________ ___________.
__ _______ _______ _____________ ____ ___ _________ _____ _____________ _________ _________ ____ __________ ____________.
_____ ___________ ____________ ______ ____________ __________ ____________ _____________ _________.
________ _______ ___ ________ _____________ ______ _____________ _____ ________ ______ _________ ____________ ______ _________ _______.
____________ ________ _______ ________ ____________ _____________ ____ __________ ____ ___________.
_________ ____________ ___ ____________ ___________ ___ _______ ________ ____ _____________ ____ ___ __________ _________.
Click Here to Order Full Assignment on WhatsApp

Degree : MASTER DEGREE PROGRAMMES
Course Name : Master of Commerce
Course Code : MCOM
Subject Name : Marketing Management
Subject Code : MCO 6
Year : 2022 2023