The article emphasizes the importance of SWOT analysis for new product launches, noting that 95% of these products fail due to lack of differentiation. By conducting a SWOT analysis, product managers can evaluate their product's strengths, weaknesses, opportunities, and threats, ensuring alignment with market needs. The framework encourages innovation and resilience while highlighting the danger of competitive oversights, such as losing market share. The article outlines a structured approach to conduct SWOT, which includes defining objectives, gathering feedback, building a matrix, and prioritizing insights to enhance strategic decision-making.
Imagine launching your product only to find it's a carbon copy of your competitor's-no unique edge, no standout feature. Cue the crickets!
95% of newly launched products fail. Often, it's not because they're bad-it's because they fail to stand out or align with market needs.
Enter product SWOT analysis: a strategic tool to assess strengths, weaknesses, opportunities, and threats, ensuring your product avoids that 95% fate.
With 95% of new products failing, SWOT analysis helps refine strategies, align with market needs, and boost success rates.
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