New Products - The Secret Of Success Or Failure
New Products – the secret of success or failure?
New products are those which a company builds through its own Research and Development efforts. They may be original products, line extensions or even improvements or modifications to an existing product.
Companies need to manage new products in the face of changing tastes, technologies and competition. Because all products decline in popularity and sales companies must find new products to replace aging ones.
One recent study estimated that new consumer packaged goods fail at a rate of 80%. Many of these new products fail not because of technical shortcomings but because they have no market. Product failure rates are dropping however this can be attributed to companies playing it safe and launching less truly unique products.
The new-product development process:
Why do new products succeed?
• A superior product has been developed
• The product concept is well defined
• Support from Senior Management
•......
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