A product is introduced in the market to satisfy the needs, wants and demand of the customers. In an age where new products are introduced every day, it is not necessary that all products will be appreciated or required in the market. As per research, only 3% of new products turn out to be successful.
• There could be many reasons for product failure like failed to understand the needs of customers, change in customer preferences, poor after sales services or strong competition in the market.
• Products of many commercial enterprises like Samsung, McDonalds, TATA, Apple, Pepsi, Coke etc. have failed to make a place in the market.
• A product of TATA Motors called ‘TATA NANO’ failed terribly in the market where one of the reasons being that its point of advertising was not appropriate.
• Samsung had launched a mobile ‘Galaxy note 7’ in 2016 which failed in the market as the battery had a defect and caused it to overheat due to which the phone could catch fire or explode.
• Microsoft had introduced a product called ‘Microsoft Zune’. It was launched to take on iPod but it couldn’t due to strong competition.
• Ford had launched a car named ‘Edsel’ but it failed in the market because people wanted a smaller and economic vehicle. Also, it was not positioned in the market properly.
It takes courage to introduce a product in the market. But before launching the product proper segmentation of the market should be done which will help the brand position the product properly in the eyes of the consumer. It will also increase the chance of product surviving in the market for the long term.
