Definition of Failure in Marketing
Failure in marketing is defined as a condition of not being able to satisfy the intended objective regarding a service or product, and may be treated as the opposite of success in marketing. In marketing, marketers may come across product or service failure that ranges from failure to sell a service or product to fracture or to mess up of the service or product. The worst case scenario may be facing injury due to product fracture or mishandling on the part of the product handling marketing personnel.
When marketers face failures in marketing then instead of feeling low and discouraged, this condition can encourage them to analyze upon the feedbacks that they have received on their products or services by their customers. Such feedback data can assist marketers in improving their services and products by removing their anomalies and enhancing their features more than before.
Textbooks on Failure in Marketing
If marketers want to avoid facing failures in the sale of their products or services then, they need thorough research and development of their brand. Hence, they can refer to related textbooks regarding Failure in marketing, whose details have been stated as follows:
- Public Goods and Market Failures: A Critical Examinations edited by Tyler Cowen (Published by Transaction Publishers – Year 1992).
- Strategic Marketing: Creating Competitive Advantage by Douglas West,John Ford and Essam Ibrahim (Published by Oxford University Press – Year 2010).
Examples of Failure in Marketing
Example 1: An interesting example of a failure in marketing can be an instance when a movie fails to generate revenue at the box-office. This happens when such a movie fails to entertain an audience in response to the payments it has received from them in the form of tickets. People may not find such a movie interesting if it has a boring storyline and it starts receiving negative reviews by critics and negative reactions by the masses. A movie is a service rather than a tangible product hence it can be termed as a service failure.
Example 2: Another interesting example of Failure in Marketing can be the failure of any potato chips brand in the snacks market. There have been several brands in the FMCG snacks market across the world, which have tried to establish themselves as successful potato chips brands among people. Only handful of brands could survive as successful potato chips firms while many others had to face market failure due to lack of comprehensive marketing strategies.
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