Why Products Fail Day 1 By Oluwole Dada

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    Why Products Fail Day 1 By Oluwole Dada
    Why Products Fail Day 1 By Oluwole Dada

    Over the years, a lot of products have been introduced into the market (Nigerian market will have many examples in this series) however, many of them struggle while they remain on the shelf and some of them leave the market scene after the organizations must have spent a great deal of resources on marketing activities to keep the product alive.

    Survey conducted by Harvard Business Review has shown that 75% – 80% of new products fail in the market. This series is to explore the factors that are responsible for the failure of these products and what can be done by organizations to prevent such from occurring in their product line.

    The focus will be much more on consumer goods otherwise called packaged goods in some climes. Many have argued that products fail from the planning stage.

    As much as this statement may be true, it may not be absolute as no plan is failure proof and even concepts that have shown great prospects in development and research stages have failed in the market place.

    There are environmental factors which can affect a product and which are not within the control of brand managers or marketing directors.

    As a result of this, the ability of managers to respond to changes in environmental factors may be one of the ways to prevent a product from failing.

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    In the course of this series, examples will be made of products that failed but some will not have their real names for the purpose of privacy. Some real life examples will be mentioned as well. Join me in this series which will be insightful and informative.

    [To be continued]