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tn58 replied to the topic Product Failure in the forum Product Life Cycle and Product Management 8 years ago
As Viraj and Luisa gave examples of recalling of products. I will add that companies face a lot of financial troubles when the device is being recalled. As any industry has competitors, it gives your competitors a chance to copy your idea and make it more secure. Not only this, but it creates a hype in the public and the shares or investors start to back out of the company because no one wants to take a risk with their money. A lot of these companies in the medical field are extra careful with who they bring on board and products that will bring millions of dollars worth of profit are vetted multiple times because launching. Hence, if the product fails and is off the market, the steak holders who invested their money into your company and products will back out. This is one of the reasons I feel can destroy a project manager or a team member or the company itself’s career. This is also a serious issue for project managers, they need to have the experience working as a member before becoming the manager. As Dr.Simon mentioned in a lot of his lectures, that it is impossible to get a job as a project manager right out of school. This is one of reasons because one needs to be familiar with the market, product, engineering, and networking before this individual can make acquire the skill set and mind needed to execute a successful product on the market.