Final answer:
The most successful new products satisfy three criteria: they solve a major customer problem, are differentiated, and offer a compelling customer value proposition.
Step-by-step explanation:
The most successful new products satisfy three criteria: solve a major customer problem, are differentiated, and offer a compelling customer value proposition.
Solving a major customer problem means addressing a significant pain point or need that customers have. This can be achieved by identifying and understanding the challenges customers face and developing a product that provides a solution.
Differentiation is important because it sets a product apart from competitors. This can be achieved by making the product distinct through physical aspects, location, intangible features, or perceptions.
A compelling customer value proposition is what makes customers see the product as valuable and desirable. It involves meeting customer needs and offering benefits that are unique and superior compared to alternatives.