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Decision Technology helps manufacturing technology clients develop new designs that are cost effective and competitive in the U.S. market. The decision to pursue a systematic market and product analysis can be based, in part, on the following statistics as to why new products are not successful. Studies of both commercial and industrial products yield the following:

Consumer & Industrial Product Failures*

  
Inadequate market research

32%
Product defects

23
Higher costs than anticipated

14
Inadequate marketing effort

13
Poor timing

10
Competitive reaction

8
 

100%

 

Industrial Product Failures*

  

Market was not big enough

28%

Me-too products

24

Technical failures

15

Prices were too high

13

Competitive reaction

13

No customer need for product

7
 

100%

(*Planning Profitable New Strategies, James W. Taylor, Chilton Book Company)

In looking at these statistics it becomes obvious that up to 85% of the reasons given for product failure can be addressed and studied in a comprehensive market/product analysis before a new design is undertaken. While not all factors can be addressed at this stage, it is important to establish a primary strategy and alternative plans before designing, manufacturing and marketing new products. Surveys and focus groups are used to gain valuable insights into end-customer needs and perceptions when purchasing and using products & services. The end result is a computer analysis of the value (features & price) of our client’s product compared to their competition based solely on customer-driven information.

 


Decision Technology, Inc.
1665 Fawn's Ridge Dr.
Ada, MI  49301, USA
Phone: 1+ (616) 676-4650
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