Many managers want their organizations to develop breakthrough products and ask their R&D departments to come up with the equivalent of the iPod or iPhone. Unfortunately, the reality is that product failure is more common than success. So what are the reasons for product failure and what steps can companies take to avoid it?
The first lesson from research is that failure rates are high. For example, a recent survey found that of the hundreds of new food and beverage products introduced in the last few years in the US, 90% had failed (and were withdrawn from supermarkets within 3 months of launch). Food and drinks is a particularly challenging market but research in other sectors—from automobiles, to pharmaceuticals, to chemical products—shows that product failure is a (far too) common phenomenon.
To read the full, original article click on this link: Why do Most Products Fail? 3 Techniques to Leverage Hidden Needs | InnovationManagement
