Marketing Study Set 5
Quiz 8 :
Developing New Products and Managing the Product Life Cycle
There are several reasons why a new product may fail. Although an idea may be good, a company might have overestimated the market size. The actual product itself may have been poorly designed. Another possible reason is that the product may have been incorrectly positioned in the market. It may have been priced too high or advertised poorly. It is also possible that a high-level executive pushed a favourite idea despite poor market research findings. Sometimes, the costs of product development are higher than expected. The product may have been launched at the wrong time, or competitors may have fought back harder than expected.