New Products - the Secret of Success or Failure

novel Products ? the secret of success or sellure? New harvest-tides are those which a familiarity builds through its own look and Development efforts. They may be original results, line extensions or even improvements or modifications to an existing product. Companies need to manage upstart products in the face of changing tastes, technologies and competition. Because all products decline in popularity and sales companies must find untested products to replace maturement ones. One recent study estimated that invigorated consumer packaged goods fail at a rate of 80%. Many of these newfangled products fail not because of technical shortcomings but because they earn no market. Product failure rates are dropping nonethe little 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 genuine ?The product concept is well defined ?Support from Senior Management ?The company understands the market, consumers and competitors ?Researchers have identified successful products and found out what they have in common ?Structured new-product development process in place ?An effective organisational structure for planning and launching new products has been established ?New products developed with features that are unique and the customer can easily recognize ? undifferentiated commitment of resources to new product development ?Goals or objectives for the total new product development strategy ?Technology or new product strategy firmly linked to business strategy. ?Sufficient funds spent on trade the product Why do new products fail? ?Overestimation of market size ? ill designed products ?Poorly positioned in the market ?Higher than expected set-up costs ?Not enough currency spent on researching customer acceptance ?Expense of producing and marketing new products with no guarantee of success ?Competitors reaction was a perceived... If you want to get a full essay, order it on our website: Orderessay

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