According to your textbook, the failure rate of new products is high because many new products fail to survive even a year in the marketplace.
Describe a product you purchased recently that is no longer available in the market. Why do you think the product could not survive? How could the firm have prevented the failure of the product?
1. In your answer, discuss the challenges of successfully launching a new product in the marketplace.
2. Developing a successful relationship with the customer is the first step to building brand loyalty. For a product you are brand loyal to, describe how your relationship to the brand started.
How did you first discover the product? Why did you buy it again? Why did you keep buying it? What are the implications for a marketing strategy from your own experience in developing a relationship with a brand?