Product and service usually emerged when a need or problem has been identified after a series of research. As their successes depend on good research, branding and marketing, they could also be neglected by customers when these elements are not done appropriately at the conception, launch and distribution stages.
Poor Research
A product manufacturer or service provider is expected to investigate socio-cultural and psychological needs of target customers. This will go in a long way of revealing what they want, like and ready to expend their income on. While carrying out research, many organisations believe they know what customers want by conducting researches that are not inclusive of strategic thinking towards strategic product development. In other words, market researchers within organisations, especially in developing countries do assess consumers’ needs and purchasing behaviour inadequately. The resultant effect of this is wrong targeting of users. Adopting strategic process towards the conduct of product or service research has been seen as a means of creating a synergy between market need and product specification.
Poor Branding
The art of selling a product or service is branding, which encompasses packaging and other such elements. When a weak strategy was adopted for it, no doubt the manufacturer of the product or provider of the service is doom to fail. Adopting weak strategy specifically lures marketing team in prioritizing unimportant attributes and benefits of good or service. A questionable pricing strategy will equally be employed. For instance, a market that requires pull pricing strategy will be approached with push strategy. The advertisement messages would also generate low level of awareness and understanding about the benefits customers would derive.
Poor Marketing
Marketing has been globalized and technologized in today’s competitive business environment, most importantly among young entrepreneurs. Marketing requires cutting-edge techniques. Techniques that would approach customers individually –appealing to their specific demographics. Marketing plan that fails to support product or service appropriately in terms of effective distribution channel, strategic empowerment of sales personnel, who will be the first contact of the customers before the product or service itself, and end user would reduce successful commercialization of the product or service.
Turning around these determinants require consultation with business strategists, who have techniques and experience in strategic research, branding and marketing of products and services.