The famous phrase of Dr. Marshall Goldsmith "Let it go!" has major significance in marketing, How long we stick to some products rather than letting it go..
There are very few products in Automobile Industry in India, which failed in the initial launch and then went on to become a successful product in relaunch. There could be many reasons and one could be the stigma attached to a failed product where brand image plays a major role. But when 9 out of 10 products go this way why people stick to their failed products rather than letting it go! There could be huge loss associated with it, it may not be possible for a sudden exit but one should be prepared for a phased exit otherwise the opportunity loss of not letting it go will be on the higher side.
There are lot of products which are nowhere near that of competition and still try to fix the issues by leaps and bounds and by the time they fix those issues the competition is way ahead and we settle down for a meager market share. If that is what you are looking for, fair enough, but if it is not, Let it go!..
There are very few products in Automobile Industry in India, which failed in the initial launch and then went on to become a successful product in relaunch. There could be many reasons and one could be the stigma attached to a failed product where brand image plays a major role. But when 9 out of 10 products go this way why people stick to their failed products rather than letting it go! There could be huge loss associated with it, it may not be possible for a sudden exit but one should be prepared for a phased exit otherwise the opportunity loss of not letting it go will be on the higher side.
There are lot of products which are nowhere near that of competition and still try to fix the issues by leaps and bounds and by the time they fix those issues the competition is way ahead and we settle down for a meager market share. If that is what you are looking for, fair enough, but if it is not, Let it go!..
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