Devaluation of novelty
A telling example: General Mills (a manufacturer of snacks and cereals) launched a new product on the market – Fingos. These were packaged cereal and potato products that were very convenient to eat on the go. The ingredients were exclusively natural, and most importantly, the product was more caloric than the usual chips or popcorn. However, these advantages were not emphasized in advertising, and as a result, consumers did not see the point in giving up traditional snacks, and Fingos failed in sales. But everything could have been different.
Vague goal setting before R&D starts
To achieve success in ig database promoting a new product to the market, it is necessary to strictly follow the sequence of actions: first, strategic internal and external goals are set. Based on them, in conjunction with the results of marketing research, a product concept is born. And only then is the technical task for future experimental design developments formed. And the more extensive and long-term the latter are, the better the marketing research should be conducted and the more correctly the goals should be defined.
If these works are carried out carelessly (and this happens very often), then two outcomes are very likely:
Separation of the final result from the requests. That is, the company has a product that is completely ready to enter the market, which the consumer does not need at all. We can say that the company worked for the drawer, but it would be more correct to write off all investments in this product as pure losses, since a happy accident in the absence of close interaction between developers and marketers is extremely unlikely.
Adjusting an existing finished product to market requirements. (Reminds one of the situation of pulling an owl onto a globe). Marketers are faced with the task of redoing everything so that it becomes good... But we must remember that any transformations are not free for either technologists and designers, or for marketers. And as experience shows, such a solution to the problem entails the loss of the most important resource - time.
Wrong choice of target audience
The most difficult thing in developing a concept for a new product is to assess its market potential. This means both capacity and purchasing activity, expressed not only in money but also in time. Nowadays, mid-sized companies try not to reach for the stars and focus their efforts on small market niches where they can achieve partial monopolization with the help of new products. Due to this, in theory, it is possible to maintain a relatively high sales margin and thereby recoup expensive investments in past developments and finance current ones. Such companies usually do not look for new needs, but try to create them artificially.
But limited market niches rarely allow for R&D funding – there is simply not enough revenue. The most striking example here is the failure to launch Motorola satellite phones on the market.