Explanation:
Through our work with companies across different industries, we found about 10 to 20 percent of the new product and services succeed that is by our definitions they remain in the market generating profit to the company.
There are ten reasons why a new product fails:
- Marketers assess the market climate inadequately
- The wrong group was targeted
- A weak positioning strategy was used
- A less than the optimal configuration of attributes and benefits were selected
- A questionable pricing strategy was implemented
- The ad campaign generated
- Cannibalization depressed corporate profits
- Over-optimization about the marketing plan
- Poor implementation of the marketing plan
- The product pronounced dead and buried too soon.