Read through the below post and provide any on of the following: APA format 250 Words

 Read through the below post and provide any on of the following: APA format 250 Words.

.Ask a probing question, substantiated with additional background information, evidence or research.  

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Post:

DISCUSSION 4: PROBLEMS THAT A FIRM MIGHT HAVE WHEN BRINGING OUT A NEW PRODUCT OR SERVICE AND HOW TO OVERCOME THEM.

In this discussion let us discuss some significant challenges that a company must face and how to overcome them when launching a new product. According to Joan Schneider and Julie Hall (April 2011) in their article explain that most firms when asked about the research on how their product is revolting, their answer is “NO.” Without any background research from the frim, it is highly likely that product will fail. A new product development goes through different stages like Concept, Ideation, Design, Test, and finally Release.

Before launching, at the time launch and after the launch, are the most crucial period for any product to take off. One major problem is product falling short of the claims. I.e., the product should never be released if its incomplete. Microsoft when released Windows Vista in 2007 it has high predictions and expectations from its launch, but I fell short of its claims as it has a lot of technical issues, software compatibility. Lesson to learn from this failure is that delay the launch of the product if it's not ready.

 Knowing the market and selling at the right price is the fundamental thing any company should know. If the marketing analysis is not done correctly, then the product will be a miss fire. One of the examples for this is Segway. Before its launch inventer, Dean Kamen leaked his invention about Segways and told that they are the answer to the alternative automobiles. But when at the time of launch people and investors realized that the Segways are just a motorized scooter. With $5000 price tag and a prediction of 10,000 units in sales per week the product was a complete failure.

Firms have to understand that flaws can be related to the timing of the launch and some can be linked to the product directly. Being part of a successful launch is one of the most exhilarating and rewarding experiences as a marketer.

References:

1.      Hall, J. S. (2014, August 01). Why Most Product Launches Fail. Retrieved from https://hbr.org/2011/04/why-most-product-launches-fail

2.      Tischler, J. (2017, November 21). What Challenges Does a Company Face When Developing New Products in the Global Economy? Retrieved from https://smallbusiness.chron.com/challenges-company-face-developing-new-products-global-economy-70701.html

3.      Grant, J. (n.d.). 7 Reasons Why A Great Product Launch Can Fail and How To Avoid It. Retrieved from http://www.massmac.org/newsline/0508/article02.html