Yesterday, I have read about an article about the reasons of failure of new products and their solution. So, I want to share this example with class. May be it would be helpful to clear the ideas.
Scenario: "Yo! We'll introduce our product with a Bang! We'll splatter it across metropolitan newspapers. Billions! Give me a high-five!"
Usually, conventional entrepreneurs are over confident and therefore, they over estimate the market conditions
It goes through a similar cycle:
- Yo, I'm gonna build the next billion-dollar widget. Yay!
- Entrepreneur builds product.
- Sells widgets.
Eventually, When they sell their product because of unforeseen problems, 90% of buyers start calling and complaining. "You people suck," they scream. Business's cash flow starts draining. In short, business shuts down.
I'm confused by this post. The presence of an iPhone ad in the post doesn't seem to mesh well with what you've written: you're writing about why new products fail, and the iPhone is far from a failure. Do you have a more concrete example of the point you're trying to make?
ReplyDeleteI would second this comment. In my view point there is a contradiction between the theory & the example.
ReplyDeletei have mention that the new product is wedget(A small mechanical device). Which indicates that it could be any new product of apple iphone which faild in market.
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