Wednesday, January 7, 2009

Reasons Why New Products & Services Fail

Are you thinking of launching a new product or service? If so, to reduce the risk of failure, check out for the following pitfalls:

1. Marketers assess the marketing climate inadequately.

2. The wrong group is targeted.

3. A weak positioning strategy is used.

4. A less-than-optimal "configuration" of product or service attributes and benefits is selected.

5. A questionable pricing strategy is implemented

6. The advertising campaign generates an insufficient level of new product/new service awareness.

7. Cannibalization depress corporate profits.

8. Over-optimism about the marketing plan leads to forecast that connot be sustained in the real world.

9. The marketing plan for the new product or service is not well implemented in the real world.

10. The marketer believes that the new product and its marketing plan has died and cannot be revived, when, in fact there is the potential for resurrection.

List recopied from Copernicus Marketing with the permission of Ami Bowen - thanks! Tags: product launch failure, new product failure, product innovation failure