Marketing And Non Marketing Factors - 1233 Words

Both marketing and non-marketing factors contribute to new product failure. Research suggests that it could take approximately 3,000 unwritten ideas to produce a successful product (Bethel, 2011). Marketers must keep a steady stream of new products and/or services flowing to keep up with any competition. As circumstances change, needs, wants, and trends change, no one wants to be left behind. At the same time, marketers know that innovation these days is risky business (2010). Some reasons why new products fail are because the product is not unique enough. To deliver a great and successful product, the marketer has to develop an eye catcher that exceeds the competition. Moran suggests, â€Å"The relationship between value and profit is an important and fundamental assumption which is being questioned and challenged in a continuing effort to improve our society† (Moran, 1973). Research shows that a product has to have an enormous point of difference to defeat any ongoing competition. The â€Å"new product† must have superior characteristics that deliver new and unique benefits to the consumer (Bethel, 2011). Bad timing is the result of the product being introduced too soon. It could also be a result of introducing the product too late. All these factors must be analyzed before putting the product or even a service on the market. A flawed product is a marketer’s nightmare. Thorough pre market testing by a representative or customer can help avoid this potential down fall. TargetingShow MoreRelatedEssay On Marketing In Health Care1094 Words   |  5 PagesMarketing Concepts in Health Care and other Industries Proper marketing in healthcare is necessary in the sense that it helps healthcare organization to market their services, promote their products and services and improve the overall health of the community (Codourey, 2013). 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