Telso is a good example and why companies need to continuously work on developin

Question

Telso is a good example and why companies need to continuously work on developing new products add to their existing product line or to replace old products that are moving through their life cycle. When spelling out the various phases of the product life cycle, it is useful to think of product concepts as passing through various stages in their "life" much like humans do. The product life cycle describes the stages a really new product idea goes through from beginning to end. Marketing managers can identify specific types of decisions for strategy planning that characterize each stage. With the proper up front planning the development and launch of a new product has a better chance of success. Even with proper planning, do you think a company might find a product idea that did not succeed and why could this happen?

Explanation / Answer

Product success in the market can be attributed to the proper planning of the product start from Research and Development to the launch of the product in the market. Once, the product is launched, it is important that it is continuously upgraded as per the requirements and should be marketed to attract the customers. But, sometimes, a product might fail even with proper planning due to this below reasons -

1. Firm hasn't taken customer requirements into consideration for the design of the product though it created a quality product aimed at a target market and did extensive marketing.

2. Firm has deviated from the customer requirements citing higher costs or lack of technical expertise or technology.

3. Completitor firms have come up with a more advanced or better product into the market before or after the launch of the product.

4. Product has quality or pricing issues

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