For this weeks assignment I offer the challenge for you to look around your city/neighborhood for a product or business that has failed in the marketplace. What happened to cause this business or product to fail? This assignment is meant to get you thinking outside the box, and to have fun and be creative. There is no right or wrong answer. Building a better mousetrap won’t guarantee success, and this assignment drives this message home.
Through this assignment you will learn that failure is a valuable learning tool and that many great ideas are born from the experience of failure are well on the road to success. Through this assignment you will be able to showcase the knowledge you gained from this weeks reading and lecture on the first element of the marketing mix, “Product”, and if you choose you can use the product life cycle to assist you in explaining how the business/product failed.