In today’s ultra-competitive business environment, it is not only important to have a good product, but also to avoid making stupid mistakes. The history of business is full of examples of very promising products and services that have resulted into catastrophic failures. What are then the main factors to take into account in order to avoid turning a good product into a big failure? Factor 1: Too many upgrades may ruin your product
If you improve a product enough times, you will eventually ruin it. Do not forget that products are created and sold to fulfil an existing need. Upgrading a product usually involves adding more features, but at what cost? Many times the initial purpose of the product is lost in the upgrading process, which results into losing market share: what is the use of a product that does not fulfil a need any more? Factor 2: Simplicity sells
The most successful products are not the ones with the most features, but the ones that do what end-users want them to do. In the era of the information technology, consumers are well aware of the different choices they have and are much more educated. If you do not give customers exactly what they want, they will find someone else who does. Consumers do not want to pay a premium for additional features that they will never use, especially during an economic downturn. Factor 3: Do not push a product to meet deadlines if it is not ready In many situations, managers would push a product so it is on the market just in time for the holiday season. The risks associated with pushing a product to meet a deadline even if the product is not ready or not 100% tested are immense. Quality matters: you would be sacrificing long-term benefits for small short-term gains and you would also put your firm's reputation at stake. Remember that brand image is shared among your whole product portfolio, so all your products will suffer the consequences of one single product turning into a complete failure. Factor 4: Marketing is...
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