What are the most common causes for new product failure?

Wood Products December 12, 2012 Print Friendly and PDF

 

Approximately 25 to 45% of new product projects fail and do not market it to market, and about 46% of the resources spent on development and launch of new products go to ventures that do not succeed [1]. According to Robert Cooper [1], the major causes for new product failure are: inadequate market analysis,  product defects, lack of effective marketing effort, higher costs than anticipated and competitive reaction. In addition, product launches fail mainly for these reasons [3]: inability to support fast sales growth, products falling short of claims, and no clear market for need for the product.

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.