All tent poles are bound to fail at some time due to wearing of the elastic bungee cord around the end of the tent pole aperture.
So before you even think of throwing the tent away look at this process which allows you to fix them with ease.
You can also step to the video here:
Step 1: Identify and Purchase a new cord
On cheap tents this will usually be around 2mm in diameter which is not very strong or durable.
If you measure the opening diameter of the pole you may find you can use a thicker diameter.
On my tent poles I went for a 3mm diameter cord over the existing 2mm.
You can purchase the cord on ebay. I am in the UK and got 10 meters for around £3.
Note, The new cord (3mm) is black in the photos and the worn old cord is white with blue and red.
You will need a minimum of 10 meters for a two man dome style tent which has two tent poles. Any tent bigger than two man dome you will need to measure the pole lengths assembled and purchase length accordingly.
Update: I recently measured the original cord and found it to be 50% of the length of the poles when assembled.
So depending on the amount of elastic stretch in your cord, you could purchase a new cord that was 75% of the length of the assembled poles as a rough guess.