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3 pages/β‰ˆ825 words
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Style:
APA
Subject:
Literature & Language
Type:
Research Paper
Language:
English (U.S.)
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Total cost:
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Topic:

Reasons Why Products and Services Fails

Research Paper Instructions:

Marketers know that they’ve got to keep a steady stream of new products and/or services flowing—if for no other reason than to keep up with the competition. As circumstances, needs, wants, and trends change, no one wants to get left behind. At the same time though, marketers also know that innovation these days is a pretty risky business.
Less than a quarter of the new products introduced in 2008 broke the $7.5 million in sales mark their first year of availability and less than one-half of 1% earned more than $100 million in sales. Though estimates of new product and service failure rates vary widely by company, category, industry, and reporting agency, the best-case-scenario chances of introducing a successful new product or service don’t get much better than 50-50.
About 10%-20% of new products and services succeed; it means they remain in the market generating profits for the company three years after introduction.
There are many reasons why the products fail and you will report your findings in a report.
Instruction:
Please prepare a report that will address the following:
Generally speaking, what are some of the reasons that products fail?
Choose three products that have failed and explain how and why they failed.
If you were the marketing manager promoting the product, what would you have done differently so that the product would have not failed?
Please present your findings in a research paper format (3-5 pages) that will be uploaded to Moodle by 8:30 AM on July 13, 2021. Do not email any assignments as they will not be accepted.
Guidelines for Research Papers
Word-processed
(3-5 pages)
Double spaced
One- inch margins
Font-Times New Roman
Size- 12

Research Paper Sample Content Preview:

Reasons Why Products and Services Fails
Your Name
Course and Block
Professor's Name
July 13, 2021
The most practical method to put one's money to work these days is to invest it in a company that sells goods or services. This is the greatest method to guarantee that the money does not sit idle in the holder's hands, and it will, of course, benefit the owner's financial security in the future. However, putting money into a firm does not guarantee immediate success and profit. Many have failed due to a variety of factors that have left them financially ruined.
Failures in business are frequently the result of failing to keep up with the times and the product or service receiving insufficient attention, resulting in the firm becoming unprofitable. In this article, the author will discuss some of the reasons why a product fails to become lucrative for investors and give his or her own view if he or she was the owner of the failing product.
One of the causes for a product's failure is that it does not meet the current needs of its target audience or generation. Unfortunately, many businessmen appear to overlook this crucial step in developing a successful and lucrative product, making a product that appears to be distinctive but is actually ineffective. To avoid this type of failure, the company and all team members should conduct extensive customer research to determine the advantages of these products and who their target audience will be. A lucrative product is the outcome of a thorough study.
Pricing is another element that influences a product's failure. We can all agree that a product's price is considerably more appealing if it is reasonable or budget-friendly. On the other hand, a pricey product will only be accepted if its quality is the best in its category. As a result, for a product launch to be successful, the product must be inexpensive while maintaining a high quality consistent with its price point. Furthermore, newcomers who are releasing their first product are advised to make the price as cheap as possible for their product to reach a larger audience and develop their brand.
Another reason a product may not appea...
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