Final answer:
GoPro succeeded by effectively conducting market research, creating a strong unique selling proposition, engaging in strong marketing efforts, ensuring high product quality, and keeping up with technological innovation and competition.
Step-by-step explanation:
Many factors can contribute to the failure of new products in the marketplace. Among these, eight common reasons for failure include poor market research, a lack of unique selling proposition, insufficient marketing efforts, targeting the wrong audience, a lack of understanding customer needs, poor product quality, inadequate business model, and ignoring market trends or competitor actions.
GoPro's success with its products can be attributed to navigating around these pitfalls effectively. They have conducted extensive market research to understand their customers' needs, developed a robust unique selling proposition with their durable and portable cameras for action sports, invested in strong marketing efforts with engaging social media campaigns, and targeted the right audience who are enthusiasts of action sports and outdoor activities. Furthermore, they have ensured high product quality and continued to innovate in response to technological innovation and competitor products, making sure their cameras have features and upgrades that kept them relevant and desirable.