19/11/2012867 wordsSubmitted to: Barbara Webb |
The debut of a product into the market termed as product launch. The product launch signifies the point at which consumers first have access to a new product. But when it comes to new products, great expectations can doom products that don't measure up to them. There are more stories of failure than success when it comes to new product launches. Approximately 95 percent of new products introduced each year fail, according to Cincinnati research agency AcuPoll. (Forbes 2010) http://www.msnbc.msn.com/id/36005036/ns/business-forbes_com/t/new-improved-failed/
In their article ‘Why Most Product Launches fail’ in Harvard Business Review, April 2011, Joan Schneider and Julie Hall describe five frequent fatal flaws that effect how most of the product launches fail and their lessons. Summary
The Article begins with the introduction, then each flaw is described and the lesson learned by it. Finally there is a conclusion. In the introduction, the writers begins with sharing their experiences related to product launch failures, which they have acquired while doing work as partners in a firm that specializes in product launches . They then introduces example of a product launch: a private space(cell Zone) where one can talk privately without any nuisance which targets restaurants and public places like former as main market. Product has been unveiled in 2006 and it was a huge hit. However product did not come off as it is expected, because lack of interest of expected customers (restaurant and night clubs) as their clientele was switching form voice call to texting. The product fails just because not to understand the market before launching it and company bears substantial losses....