Why Does A Product Fail?
In this competitive world, people began to realize that they have a shot in starting a business. I remember hearing so many stories saying that no one gets rich from their profession, but most of them succeed in entering businesses and entrepreneurship. And being a student taking up Business Administration, things began to be cleared.
There are a lot of businesses in different industries like fashion, manufacturing, etc. But not every one are lucky to keep their companies in tuck. Some struggled in having their Return On Investment. Some experienced being bankrupt. And others find it difficult to compete in the market. It is a reality in businesses.
The most common these days is selling things. I have seen some of my friends selling skin care products, clothes, and other items online. The last time I talked with my friends taking the same course as mine, I said a few suggestions to them. They already have the Business Research subject, wherein they need to present a product that they want to sell.
There are considerations to check before coming up with the specific item; the target customers, location of business, operating costs, and many more. Since I already have an idea about this as we also had this during Senior High School, I told my friend about how a product fails. I shared a few things that needs focus, like how some items fail in the market.
The product is not unique. Every customer has unique needs and demands. Some businessmen fail to provide these needs and they cannot satisfy their buyers. It is obvious that the market is full of competitors. If your product is common, there is a high possibility of failing, especially if you do not have anything to offer as an advantage.
You have poor planning. There are nature of competition that you need to study and determine before starting up a business. Most entrepreneurs fail because of their poor planning. They forget to consider the preferences, lifestyle, and needs of the consumers. This is why poor planning should be avoided.
You launched the product at the wrong time. Knowing the trends and the rate of demands of consumers is an advantage. Some of them launches their products at the wrong timing, where demands are low. It is another mistake of businessmen. It would be best to have a strategy on when you will launch your product because it is an important part of your business' success.
Too many product deficiencies. Give your best shot in making a product. Check every parts to avoid deficiencies. Some of them failed on this part, especially the items that get through technical processing. You can be competitive in the market with confidence if you are aware with the quality of your products.
These are the things I mentioned why some of products failed. My point in sharing these things to them, is that they will know what to should be avoided. In Business Research, our main focus is to offer a product in the table. It should be unique, timely, and should be well-made.
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You are right........ for a product to be regarded as a failure that means it do not generate a measurable financial return. This happens for a variety of reasons, including inadequate product/market fit, a failure to grasp client needs, and so on (or fixing a non-existing problem),