This post refers to my colleague, Celine Chen’s blog post that can be read here!
This blog post caught my eye as it touched on many of the concepts discussed in our COMM 101 class. I believe that another aspect as to why products seem to fail is the lack of connection between marketers and financial accountants (as touched on in class). Furthermore, I agree with Celine’s statement that “many large companies are cutting corners to get to the finish line.” I believe that too often, the goal to maximize profits blurs other crucial aspects to launching a new product. Critical steps are skipped, such as market research or pricing tactics, and thus, the product is unsuccessful in the end.
Additionally, I also find that it is interesting how consumers are less willing to try new products. This seems contradictory to what would seem to be the trend of the never-ending line of new iPhones. I think a root of this problem could perhaps be pricing. Often, new products are expensive for consumers to purchase and many people tend to wait until prices dip a little or see how popular it is first with friends and family before personally purchasing the product.
Finally, I agree with Celine when she says that “companies must learn from the habits of the new generation.” For example, I travelled to China this summer and noticed that many shopping malls were incredibly empty. This would seem unlikely given the immense population in China. However, I later had a chat with my uncle who is in business and he told me about how quickly online shopping has spread with websites such taobao.com and alibaba.com. Soon the concept of shopping malls will become archaic and outdated as people prefer to shop in the comforts of their own home. I think that it is probable that such shopping malls will per turned into show rooms or large entertainment centres where people can just hang out.
Ultimately, it is definitely critical to be constantly analysing consumer behaviour! …Getting ready for COMM 291?