PRODUCT FAILURES IN DOMESTIC MARKET
The objective of this assignment is to examine the discrepancy between what a company considers as their “the next huge success” and the what the consumers actually “perceive” as desirable.
Instruction: 25 points Even successful companies and seasoned marketing professionals experience product failures. (e.g. Sony Bean.) When targeting foreign markets, lack of understanding the global consumer behaviors and market environments could be attributed to reasons of such failure. However, even domestic companies marketing to domestic consumers may fail to fully comprehend the consumers.
Research a domestic product that was marketed for the U.S. market that failed in the last 5 years. You may consider:
· Product/Service that failed within 1 year of launch and totally disappeared
· Product/Service that realized their shortcoming within short period after launch and altered their product/service and ultimately survived
· Product/Service that was successful for years but failed to remain relevant and consequently failed
For submission and presentation in class, research the following questions. College level research and critical thinking responses are expected. MLA citation required.
1. Name of the Product/Service that failed
2. Target Market Strategy of the company (exactly whom did the company target)
3. Pricing Strategy utilized
4. Distribution Strategy utilized (Supply Chain if that affected the failure, how the Product/Service was distributed, where the product/service was sold)
5. Promotional Method and Message utilized
6. Cost of Research conducted prior to the launch (assess the company’s commitment to research)
7. Content of Research (did the company ask the right questions to research)
8. Research findings before Launch (was the finding all green light, or did the company ignore any red flags to rush the product launch to garner first mover advantage or other reasons)
9. Your detailed analysis of why the Product failed.