divewithACCA

What is product failure, anyway? Not all failures are catastrophic where the product is pulled from the market and the company goes out of business. Most are partial or soft failures. Failure is falling short of the strategic Objectives & Key Results (OKRs) metrics set for the product. Objectives can be multidimensional and go beyond financial goals for revenue and profit, such as establishing a new competitive advantage or providing a new upsell opportunity for another product. A key component on why products fail is that management does not specifically define objectives and quantify what success looks like. If you do not define success, you are less likely to achieve it and you may not even be aware of how the product is failing. Of course, to define something properly, you need to have a good understanding of what it is not just as much as what it is. Strategic objectives to consider: Financial: Top line revenue, profit, gross margin %, cost of goods sold, cost of sales Develop...

  Marketing  research is a crucial part of marketing system; it helps to refine ideas in decisions making of management by giving accurate, appropriate, and timely information. Every decision requires unique needs for information, and appropriate strategies can be evolved based on the information collected through marketing research. Too often, marketing research is considered briefly as the collecting, analysing and interpreting of data and information for someone else to use. Creative use of market information helps firms to attain and maintain a competitive advantage. Hence, marketing research is defined as input information to decision making, not simply the analysis of decisions which you took. Market research alone will not guarantee success; the clever use of market research is the key to business success. A competitive edge of the firm relies on how information is used by you than others don’t have or if doesn’t use the information. Marketing decisions contains problem...