In: Business and Management

Submitted By neellu
Words 1071
Pages 5
Companies know that one of their best means to survive and prosper is by introducing new innovations. Unfortunately, despite the massive investments put behind this realization, new products fail at a shocking rate estimated by various studies at 40 percent to 70 percent. Of the 30,000 products introduced annually, between 70 and 90 percent disappear from store shelves within 12 months. It’s too easy to blame these failures on poor products. Consumers often turn away from goods that do offer improvements over existing ones. Consider TiVo's digital video recorder. Though it has garnered rave reviews from industry experts and users since the late 1990s, TiVo amassed $600 million in operating losses by 2005 because demand trailed expectations. This raises two questions: Why don’t people buy these goods? And why do companies keep offering products that buyers are likely to reject?
People don’t like being changed. This has a significant psychological effect due to our many cognitive biases. One important cognitive bias that comes into play when it comes to the challenge of adoption is that we overvalue what we have. This results in a significant hurdle when, for example, health organizations try to shift Providers from hand written charts to electronic medical record. Kahneman and Tversky’s prospect theory holds that there are four characteristics of our responses to alternatives, the most important of which is “loss aversion”, the idea that losses have a far greater impact on people than similarly sized gains. In addition, the “endowment effect,” as described by Thaler, means that people irrationally overvalue goods in their possession over those they don’t have by a factor of close to three. Finally, compounding these effects is the status quo bias, which gets stronger over time.
Gains and losses: First off, people evaluate attractiveness of new products and…...

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