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  February 25, 2018   
Business Services Center
Marketing: Developing & Refining Your Product
Home :: Business Services :: Business Services Center :: Marketing :: Developing & Refining Your Product

   Developing & Refining Your Product:
New products and services are introduced everyday. Businesses are always competing to introduce new and innovative products to market. And nowadays, product-to-market time is shorter due to technological advances, which increases the pressure for businesses to up the ante.

However, do you know how many new products or business ideas fail because they were never designed for the potential target market? It is estimated that over 40 percent of new packaged consumer products fail; 20 percent of new industrial products fail; and 18 percent of new service products fail. According to Philip Kotler in Marketing Management, if line extensions of current products are included, the failure rate for new packaged consumer products increases to 80 percent. Taking the time to go through a carefully planned product or service development process could result in less time spent on redesigns, saving the company both valuable time and money.

Introducing an idea that cannot deliver a promise, create customer value, or differentiate from competitors is a sure way to decrease your success rate. Potential buyers, specially your first customers (the risk takers), will initially purchase your product or service and then reject it because it does not satisfy their interests or needs. As a consequence, this group would send a message of mistrust and dissatisfaction to the rest of the market. Potential buyers who depend on the risk takers' opinion would then hesitate to experience your product or service. Stop and think about any product that has caught on like wildfire, and another one that took time to develop growth to later being phased out of the market. What was your personal experience? How did you learn about these products, and what was your purchasing behavior?

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