Reasons for Failure of New Products

The new products fail irrespective of the efforts from the manufacturers due to the following reasons:

1. "Me Too" Product: The product get unable to differentiate itself from all the other products that are there in the market.
2. Lack of genuine superiority leads to the failure of the new product.
3. Price resisitance from the product one major issue and reason for the failure of new product.
4. Poor market research leads to wrong decisions related to new product and hence relates to failure.
5. Sometimes, certain products are launched ahead of the time. It means the consumers are not prepared for the same.
6. Ignoring what competition is doing can be a major reason for the failure of the product.
7. Over promise made by the product can also lead to its failure.
8. No adequate resource can also sometimes lead to failure.

What is Product Innovation?

The Product innovation is customers perspective can be defined in the following way:

1. Continuous Innovation: It means least disruption or no disruption in consumer learning or consumption behaviour pattern.
2. Discontinous Innovation: Total disruption in the learning different consumption pattern.
3. Dynamically Continuous Innovation: Some disruption on consumer learning, change in behavioral pattern.