While checking up on Globe and Mail I found an interesting article that caught my eye: From Healthy Fries to Segways: Why Most Products Fail. It discusses and questions why new products seem to struggle on the market. Often it appears that companies do not thoroughly develop their product, from marketing and pricing strategies to researching and determining if there are willing consumers to purchase their product. Many large companies are cutting corners to get to the finish line and end up failing instead of succeeding.

This made me realize the significance of the business model we learned about in class. There are certain attributes of this model that could benefit these companies before they start creating their product. Customer segments and value propositions must be considered for a company to determine whether a market exists for their product. By clarifying their product’s value, they can build a better concept as well as marketing and branding strategy. This will benefit them in the long run.

I am also just surprised about consumer behavior and wondering why people these days are less willing to try new things. I would assume that technology has had an impact because now, consumers can look at reviews online to determine whether they should purchase a product. Consumer satisfaction and customer relationships becomes highly important, meaning company and product branding play a large role.

Companies must learn from the habits of this new generation in order to succeed. We now live in a fast paced environment and it is essential that companies can adapt and be flexible to changes. With so many possible opportunities to expand a company, they must find the best approach to reach the right audience.

Are there certain characteristics a product must have for it to be successful? Undoubtedly, smartphones made a huge impact on the world because it brought technology to the next level. So what will be the next game changing product?