Final answer:
New product launch failures can result from lack of research, poor design decisions, overemphasis on product attributes, inadequate prototype testing, and misaligned product quality. Quality evaluation through testing and user feedback is essential. Market failure and immobile factors of production can lead to economic inefficiencies.
Step-by-step explanation:
There are several reasons why new product launches may fail. While lack of research is a key component, high quality is typically not one of them. Rather, it's the misalignment of product quality with customer expectations or its relevance in the market. Other reasons might include poor design decisions leading to a product that doesn't meet customer needs, focusing too heavily on product attributes at the expense of broader market trends, and inadequate testing of prototypes. Moreover, even with effective marketing or a timely launch, these failures in design and development can make a product fall short.
Quality evaluation of a design is critical and is typically conducted through various means including user feedback, performance testing, and comparison against market standards. It's crucial to ensure the product developed aligns with what the market demands and that there's enough information to validate the product's potential success.
Market failure can occur when there's inadequate competition or information, affecting the allocation of resources in an economy. If the factors of production, such as land, labor, capital, and entrepreneurs, are immobile, it can lead to inefficiencies and economic consequences such as poor distribution of goods and services, and wastage of resources.