Successful Brands Built on Successful Products
It is evident that today’s consumer markets are very competitive. Companies are trying to fight for every consumer they can. With the consumer having so many choices to choose from when it comes to a particular product or service, brands are in a rush to release the next big product or service to the public. Millions of dollars are spent to advertise these products to the general public but are these products and services really worth it? Or are companies just trying to make them appealing through advertising campaigns? The real question on hand here is; are successful brands built on successful products or successful advertising?
With so much competition, companies are in a rush to release new products. New products are released with a plethora or advertisements in the hopes to appeal to as much people as possible and many of them air before the release of the product to start the hype. In most cases theses new products fail. “Typical failure rate of new product launches can be anywhere in the 85% to 95% range” (Wong, 2010). Companies invest large amounts of money into “half developed” ideas and sometimes even more into advertising them. When these new products fail, they lead the company into seriously financial trouble and a tarnished brand reputation. So why not invest in a good product instead of good advertisements? Adverting only get you so far, a good advertisement will get a consumer curious to buy your product but it’s the product that determines what your brand means to him/her and if they will buy another product with your brand name on it. Most of the time, a brand only gets one shot to impress the consumer and if your product does not perform as the consumer expected, you have pretty much put up a wall not only between you and that consumer but also everyone the consumer will interact with and tell about their disappointment in your product.
A prime example of great...
References: 1. Wong, E. (2010, December 03). The most memorable product launches of 2010. Retrieved from http://www.forbes.com/2010/12/03/most-memorable-products-leadership-cmo-network.htm
2. Schneider, J., & Hall, J. (2011, April 11). Why most product launches fail. Retrieved from http://hbr.org/2011/04/why-most-product-launches-fail/ar/3
3. Pepsi blue. (2005, September 05). Retrieved from http://en.wikipedia.org/wiki/Pepsi_blue
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