Technological product developement and failure

Regardless of the model, critical phases include: Product idea generation, idea screening, concept testing, business analysis, marketing mix development, test marketing and commercialization.

Customer Focus versus Managerial Focus while developing product:

Customer Focus

-Features
-Consequences, values
-Ease of operation
-Unique qualities
-Consumption

Managerial Focus

-Design
-Cost
-Ease of production
-Unique technologies
-Production

In addition, several authors have suggested that high tech markets, unlike low-tech markets, must focus on both demand-side marketing and supply-side marketing.

There is one or combination one or more reasons given below responsible for product to fail in the market:

--Customer expectations not met
--No innovative advantage perceived
--Information about product is scarce, unclear, or difficult
--Need for product is not seen
--Unique attributes not seen
--Poor selection of target market
--Poor communication of product benefits
--Distribution channel selection
--Pricing problems