Question

1. New products fail for a variety of reasons, such as poor market research, product defects, poor timing of introduction, ineffective marketing campaigns, supply problems, higher than expected costs, and competition. , answer the following:

a. Identify a successful good AND identify a successful service that were introduced to market within the last 5 years. What do you believe are the reasons for the success of each? NOTE: The service you discuss can be something national, international, or local.

b. Identify a failed good AND also a failed service that were introduced to market within the last 5 years. Why do you believe each failed? Does the failure fall into either of the categories mentioned in the introduction portion of the question? DISCUSS what could have been done differently for these to be successful or why they were bad product/service ideas. NOTE: You can discuss a national, international, or local service failure.

Answer 1

Answer a=

Example of successful product=KFC double Down

Reason for success- The company's tried to reinvent the chicken sandwich by replacing the bun with the chicken, stuffing bacon and cheeses that were placed between two boneless white meat chicken filets. This was an innovative product f changing the conventional sandwich and it really appealed to the customers and the company also helped its success by creating a social media buzz.

Example of successful service= Launch of the bike ride app in my community by the local students was a big hit among the students

Reason= This app was maintained and managed by the students of the local university in order to have the ride-sharing among the students and faculty members of the students. It was hit because of its unique concept and the service that was sought by the students and the faculty of the university.

Example of failed product= Goole Glass

Reason= The price of the product was too much for the common customer. The product also has the issue of privacy and cultural clashes.

Example of failed service= Cash delivery service by the local bank

For making this product successful, Goggle had to maintain the price of the product reasonable and also make some publicity and advertising buzz that was not really supported during the launch of the product

Reason- The main reason for the failure of this service is the high charges asked for the service and at the same time the customers had some privacy issues.

In order to make this service successful, the company needs to keep the price low and conduct the research in the local market for understanding whether this type of service is required by the customers or not and if the customers have some privacy issues then how to address them.