Making a New Product Successful

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New-product development: several basic steps to make a new product successful
Abstract
Considering the fast change in customer taste since the society is always making progress and individuals pursue more advanced technique and more convenient life styles, every company should try to innovate new products which satisfy customers’ need. However, only a few new products can be successful, and research shows that 90% of new products will fail after they enter the market (Kotler, 2008). Several reasons contribute to this failure. Therefore, analyzing risks about new products and managing uncertainty seems to be important. Also, there are several steps which help companies managing new products and launch them into market successfully.
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If Apple Company had not invented iphone, it may not have earned as much profit as today. If Kodak and Fuji had insisted on continuing their traditional film cartridge production, they may have disappeared from the technical market.

Risk-analyzing of developing a new product
As discussed above, innovation could give companies many advantages. However, innovation is always followed by high risks. Research found that nearly 90 percent of new products fail in a short time. For instance, about 70 to 90 percent of new cosmetics fail within a year. Thus, finding causes of this failure seems to be of importance.

There are several reasons to illustrate new product failure. Firstly, the new product may not be launched to the market at a proper time. For instance, several years ago, Nestle tried to put instant tea into the UK market, but people did not buy it since the British had got used to use tea bags, and they could not accept instant tea at that time (Peter, 1970). But today, instant tea is prevalent in the world. Secondly, new products may be not good enough to satisfy people’s requirements. Take electronic books as an example, they are not favored by people as manufacturers expected. The reason is that they do not bring as much convenience as people expected. This may be E-books need a digital display to read but some people like reading books (such as fictions) on beds without digital display as the
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