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7 of the Worst Product Flops Ever, Besides the Samsung Galaxy Note 7

By U.S. News & World Report

The Galaxy Note 7: A Product up in Flames

The Samsung Galaxy Note 7, the Korean electronics company’s newest smartphone, was supposed to be Samsung’s answer to Apple Inc’s (ticker: AAPL) iPhone 7. A blockbuster product. But those plans went up in flames just like the phone itself … and like the replacement phones that were supposed to be less combustible. Now the company is telling Galaxy Note 7 owners to turn off their phones and send them back in a fireproof box via ground mail, just in case, and Samsung has stopped selling and producing the handset altogether. The Samsung Galaxy Note 7 joins the following legendary failures as one of the worst product flops of all time.

Ford Edsel

One of the most famous product flops ever, the Ford Motor Co. (F) Edsel was a heavily marketed hunk of metal that Ford had big plans for. If those plans were measured in dollars, you’d have seen 400 million of them invested in the project. Some Edsels did sell, but not nearly enough: Ford lost $250 million — in 1958 dollars — on the project. The car, which was supposed to take the auto industry by storm, had a poorly defined niche and an overblown marketing campaign. Projections called for the model year 1958 Edsel to sell 200,000 models. Instead, it sold 64,000 units and was out of production by 1959.

Google Glass

It almost seems like Google (GOOG, GOOGL) co-founder Sergey Brin ripped the description of this product from the pages of a sci-fi novel, took it to his top engineers and said: “Make this. We’ll figure out the details later.” The Google Glass, introduced in 2011, was a head-mounted, internet-connected display. Essentially, it looked vaguely like glasses but was really a tiny, voice-activated computer, screen, and video camera. Due partly to the inescapable and arguably painfully foreseeable privacy concerns that followed its release, the $1,500 poorly selling gadget was taken off the market in 2015. Google (now called Alphabet) still claims new iterations of the Glass are forthcoming, but today it looks like a failed product.

New Coke

The Coca-Cola Co. (KO) saw its market share steadily dwindle at the hands of PepsiCo (PEP) for more than three decades after World War II, and the company’s top brass thought the time was nigh to change the taste of its flagship product. Then-CEO Roberto Goizueta thought the answer was “New Coke or no Coke,” and in April 1983 Coca-Cola changed the formula of its iconic soft drink, which became much sweeter than the original. Shortly thereafter protests erupted and some of the company’s own bottlers were on the verge of boycotts; Coca-Cola was forced by the market to reintroduce the original once more, and sales soared past previous levels.

Microsoft Zune

Apple changed the music business forever in 2001, launching both iTunes and the iPod. It took Microsoft Corp. (MSFT) five years — an eternity in the world of consumer electronics — to respond with its own line of Zune MP3 players in November 2006. Within 18 months it would sell 2 million of them. If that sounds like a huge success, it’s not; by the end of 2007, Apple had sold 141 million iPods and over 3 billion songs on iTunes. The Zune is widely considered to be a laughable, late and inferior imitation of a hit product, which is why it goes down as one of the worst product flops ever.

WOW! Chips

While the sweet taste of Pepsi may have forced Coca-Cola to briefly abandon (and then bring back) their flagship soda, PepsiCo’s WOW! chips forced consumers to do something else entirely. Frito-Lay, a division of Pepsi, introduced WOW! chips to the public in 1998, branding them as healthier potato chips due to their low fat and caloric content. Alas, if it seems too good to be true it probably is: The “healthy” chips used fat-substitute Olestra, which has unfortunate side effects like diarrhea and incontinence. Sales quickly went down the drain and the product was renamed Light in 2004.

Trump Steaks

Former GOP presidential nominee Mitt Romney gave a televised speech in March urging Americans not to vote for Donald Trump in the primaries. One of the many reasons he cited for not voting for Trump was the candidate’s claim to be a masterful businessman. Romney pointed to a number of failed Trump endeavors, including Trump Steaks, as evidence to the contrary. Trump Steaks debuted in 2007 in a promotion with Sharper Image, and were briefly hawked that same year on QVC. Both deals ended shortly thereafter. The boxes of steak ranged from $199 to $999, depending on the quantity, and the trademark for Trump Steaks was canceled in December 2014. Bad!

Apple Lisa

Success is impossible without trial and error, and when Apple’s Lisa came out in 1983, it was an undeniable error. Although the Apple Lisa was one of the first computers to have a graphical user interface, it was also one of Apple’s most notorious commercial failures. The machine retailed for $9,995 ($23,962 in 2016 dollars), putting it way out of range for individuals and even largely pricing it out of the business market it was aiming for. To add insult to injury, the 1983 release was followed by 1984’s Macintosh, which came with a mouse and retailed for $2,495, cannibalizing Lisa’s already poor sales.

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7 of the Worst Product Flops Ever, Besides the Samsung Galaxy Note 7 originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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