Ruby A. Jones
April 13, 2015
Name five reasons why new products fail.
According to Bethel, (2011) five of the top reasons a new product fail are:
1. Insignificant point of difference. This means that a new product should have a significant difference from existing products. In order for a new product to be successful it should have superior characteristics and deliver unique benefits. The benefits should be advantageous to the consumer. This process is crucial for one to be competitive and prosperous (Bethel, 2011).
2. Bethel (2011) also states not satisfying the customer needs on critical factors can be detrimental to a new product. If one markets a product that is not useful they will not be successful and may lose money.
3. Bad timing according to Bethel (2011) can make it very difficult to achieve the desired results of the new product. For instance, if a new product is introduced to the public the same time as another poplar company is introducing their new product it may not be received well. Timing is everything, so doing research is crucial as to when to launch a new product.
4. If the new product is poorly made it will not do well on the market. Pushing the release of a new product to gain quick revenue is never a good idea. Introducing poorly made products to the public will ultimately cost the company a lot of money in labor, materials and sales (Bethel, 2011).
5. Another reason for failure of a new product is poor execution. Introducing a poorly made product could be very costly because the product will have to be rebranded and marketed correctly to achieve success (Bethel, 2011).
Describe in detail a product a product that was utilized and is no longer available.
Scope Whitening, a product of Procter & Gamble, was a mouthwash and teeth whitening product I used that is no longer available. I was introduced to the product by a co-worker, her teeth were really white, so I asked her if she used the teeth whitening trays, she responded no and was excited to tell me about a new product she was using. It was the new Scope Whitening Mouthwash. I rushed out to buy it and began using it.
The Scope Whitening should still be on the market because it was very effective. I used the Scope for about a month and achieved the desired results of brighter and whiter teeth plus fresh breath. I received a lot of compliments on how white my teeth were.
According to a representative from Scope as to why Scope Whitening is no longer available is because of low demand (Facebook, 2012). Several posts…