(a) What is a Product? Product -A product is anything that can be offered to a market to satisfy a want or a need. Products that are marketed include physical goods, services, ideas, event, experiences, persons, places. organizations and so on. OR Product - Product refers to anything that can be offered to market for attention, acquisition, use or consumption that will satisfy consumer wants or needs. OR Product is something that is capable of satisfying consumer properties, needs or wants.
(b) Distinguish between Product and Production Concepts: Product concept focuses on quality or superior performance or focuses on mass production, mass distribution and low price. Product concept has to do with quality of product while production concept has to do with the quantity of the products.
(c) State seven Reasons why new Products may fail in the Market:
(i) Inadequate market analysis through p0or estimation of potential sales of the new product can lead to product failure.
(ii) A new product will also fail if the product did not offer any significant advantage over what competitors are offering.
(iii) Failure to provide sufficient follow-up after the new product has been introduced can also result to new product failure.
(iv) High cost of production from anticipated can lead to high price of new products which can eventually lead to product failure.
(v) Competitive strength and reaction of rival firms such as increased promotional activities to protect their market share will lead to new product failure.
(vi) Poor timing of product introduction such as launching the new product during off-season or off-peak periods will affect the anticipated demand leading to product failure.
(vii) Technical or production problems such as technically deficient product will lead to new product failure.
(viii) Poor corporate image of the company can lead to customers becoming hesitant in patronizing the company's product hence leading to the failure to the new product.
(ix) Too long test marketing period will make it possible for Competitors to capitalize and introduce a similar product to the market hence leading to failure of the new product.
(x) Problems of distribution such as inappropriate channels or distribution strategy will affect the product's availability to customers hence causing the new product to fail.
(xi) The use of inadequate and ineffective promotional strategy can cause the new product to fail.
(xii) A new product will fail if the price is too high.
(xiii) Poor product performance that fails to meet customer expectations will cause the new product to fail.
(xiv) Failure to train marketing personnel to handle the new product can lead to product failure.
(xv) Poor product branding such as using offensive brand names and symbols can make a product fail.