Making a New Product Successful
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.
Introduction
In the rapidly changing business world, companies face a variety of consumers’ requirement such as high competition from opponents as well as technological innovation. In order to adapt to the fast changing environment, new product development seems to be fundamental. However, it is not easy to make new products successful since most of them may fail in a short time. Several reasons can demonstrate this phenomenon. For instance, some products may not be designed properly (Kotler, 2008), while some might enter the market at a wrong time and others may not market well and so on (Kraushar, 1970). Thus, it is essential for companies to manage new products properly. Companies would reduce risks of developing new products if they were able to manage them systematically. This project will firstly define the term ‘new product’ and then discuss the importance of new product development. Following this, it will focus on the risks of developing new products and risk management. Next, managing new products will be discussed. Then, it will illustrate marketing new products. Finally, it will conclude that new products could be launch successful if companies managing them well.
Definition of a new product
Before discussing risks
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.
Introduction
In the rapidly changing business world, companies face a variety of consumers’ requirement such as high competition from opponents as well as technological innovation. In order to adapt to the fast changing environment, new product development seems to be fundamental. However, it is not easy to make new products successful since most of them may fail in a short time. Several reasons can demonstrate this phenomenon. For instance, some products may not be designed properly (Kotler, 2008), while some might enter the market at a wrong time and others may not market well and so on (Kraushar, 1970). Thus, it is essential for companies to manage new products properly. Companies would reduce risks of developing new products if they were able to manage them systematically. This project will firstly define the term ‘new product’ and then discuss the importance of new product development. Following this, it will focus on the risks of developing new products and risk management. Next, managing new products will be discussed. Then, it will illustrate marketing new products. Finally, it will conclude that new products could be launch successful if companies managing them well.
Definition of a new product
Before discussing risks