Developing A New Product Development

1526 WordsSep 4, 20147 Pages
The Key to Success or Failure in Developing a New Product Introduction In the sustainable growth strategies of businesses, new product development plays an important role increasingly. Many successful firms stay ahead of the competitors by creating innovations in order to avoid a reduction in their sales and profits. Despite these extremely exertions of companies, many new products cannot become successful in the marketplace and businesses become suffering from their failures. The common mistakes are eventually repeated by several careless companies. Thus, this article will expose some of the main reasons for these failures and suggest some productive approaches to succeed in a new product. The overall structure of the paper takes the form of four parts, including this introductory section. The second part begins by presenting the causes why many new products fail, focusing on the three key themes as follows: market orientation, planning and timing. Subsequently, it proposes the methods and critical factors to pursue the goal of winning in new product development. The paper ends with a conclusion in the last section. Common Reasons for New Product Failure To begin with, there are some of the mistakes leading to new product failure which should be learnt from and avoided in the future. Cooper (2001) claims that one of these deficiencies is a market orientation of the new product. Inadequate concentration on the marketplace, misunderstanding of real client requirements and

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