a. Identify three new products (introduced to the consumer and/or business marke

Question

a. Identify three new products (introduced to the consumer and/or business markets within the last year) and classify them as either: a new-to-the-world product, a new product line, an addition to the existing product line, an improvement and/or revision of existing product(s), or a repositioning of an existing item. For each product selected, identify what challenges you think the developing company faced in marketing this product. What rate of diffusion and consumer adoption do you foresee for these new products? New products fail at a disturbing rate. Recent studies put the rate at 95 percent in the United States and 90 percent in Europe. b. Find at least one product that has “failed” within the past few years (been introduced then withdrawn from the market by the company) and suggest the cause or causes of these product failures.

Explanation / Answer

Answer a:

Three new products that are introduced to consumers last year are:

1. Apple iPhone 7 Plus: This product is an improvement of of existing product. This product was introduced in several countries in September and October 2016. The difference iPhone 7 plus and iPhone 7 is that of dimensions and weight. Display of iPhone 7 plus is better than that of iPhone 7.

While marketing this product challenges that company has faced are as follows:

The challenges that company faced while marketing this product are:

Challenges in marketing this product:

Rate of diffusion and Consumer adoption:

For Apple iPhone 7 Plus based on the factors like consumers are interested, and informed about the product. Also, the brand of product is tried and used by consumer; consumer adoption rate is high.

Similar is the case with HP's Stream Mini. Along with these factors the pricing of the product ads to the adoption rate of the consumers.

However, in case of Canon CS100 Media Station though the product is an innovation of canon. The rate of diffusion and adoption rate are less as the consumers are not aware with the features, pros and cons of the product. Therefore as the rate in this case is less than 90%, the product fails to attract the desired consumers.

Answer b:

The product that has failed in recent years include RJ Reynolds smokeless cigarettes. The product was introduced in 1989. However, due to the failure of the product, it was called of just in 4 months from the launch.

The reasons behind the failure of the product appears to be less awareness among the customers. Consumers were not satisfied with the product. They were not informed about the unique qualities of the product.

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