For a new product to succeed, several key issues have to be factored. Marketers have the obligation of ensuring that the right steps to ensure the success of the new product is achieved in record time. Here are some reasons why a new product fail to pick in the market;
Poor Marketing Research.
This comes as a result of not judging well what products the market wants, overestimating potential sales the new product and lack of knowledge of consumers buying motives and habits.
This can be as a result of either coming up with poor quality product that fails to function to the expectations of the customers or coming up with products that are too complicated for the customers.
Poor Timing in Product Production
This can be as a result of delays in bringing the product to the market or rushing the product too quickly to the market. Proper timing for product delivery to the market is key to its success.
Competition in the market is very healthy as it guides the marketer to know their position in the market. When competition is so stiff, a new product can suffer from substantial reduction in market share.
Price sensitive customers will be shy to buy a product whose price is way beyond their limit. Once a product is shunned due to price it is doomed.
Lack of Promotions.
For a new product to excel marketers have to put into consideration the importance of promotions and advertising the new product to create awareness and educate consumers.
Incorrectly positioning of the product in the market can result to failure of having enough customers to buy the product. The product must be positioned at the “eye level” in the market for customers to see it.
Changes in customers’ Tastes and Preferences.
The change is likely to shift the customers to other products leading to poor sales and failure of the product is eminent.