New-product development has a high failure rate.

Question

Quizplus · Accepted Answer

New-product development is a complex and risky process, and it is estimated that up to 80% of new products fail to meet expectations or generate significant sales. This high failure rate is due to various factors such as inadequate market research, poor product design, lack of differentiation or competitive advantage, pricing and cost issues, and marketing failures. Successful innovation requires a systematic and customer-focused approach that involves identifying unmet needs, understanding customer preferences and behaviors, developing prototypes, testing and validating concepts, and launching the product with effective marketing and distribution strategies.

New-Product Development Has a High Failure Rate