Rubbermaid Design of Goods and Services
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Rubbermaid's record of new product innovation is remarkable. With almost 5,000 products, the firm continues to crank out a new one almost everyday - and with great success. It looks like traditional wisdom teaches us that a company may win market share by offering a wide variety of products, increasing the chance of appealing to a wider variety of customers.
1. Is it true?
2. Can you provide a success stories and failure stories using the example above?
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Solution Summary
The solution justifies that new product innovation just like what Rubbermaid has been doing is remarkable. It also provides success and failure stories based on the Rubbermaid example. References are included.
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Design of Goods and Services.
Rubbermaid's record of new product innovation is remarkable. With almost 5,000 products, the firm continues to crank out a new one almost every day - and with great success. It looks like traditional wisdom teaches us that a company may win market share by offering a wide variety of products, increasing the chance of appealing to a wider variety of customers.
1. Is it true?
Radical innovations and new products provide a wider market share provided these products are able to satisfy customers' needs. They must also follow the existing market trends while keeping their own unique features and must not be so imitative of the existing products. While a wide variety of new product innovations cause success on some companies, not many companies benefit from it.
More new product innovations put pressure on existing products and services. Sometimes a company that offers many products causes 'over choice' problem on the part of the consumer making them ...
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