Challenges faced by companies in new product development
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Transcript of Challenges faced by companies in new product development
Challenges Faced
In Developing
New Products And Services
By Mausumi Mohanta
Market Keeps Changing
New ,Improved Or Replacement
Products And Services
Come And Go
New Products Maintain Or Build Sales
Challenges Faced By Company
• Innovation Imperative
• New Product Success
• New Product Failure
The Innovation Imperative
• Continuous innovation is a necessity
The Innovation Imperative
• Continuous innovation is a necessity
• Creating New Choices From Hidden Aspects
And Ignored Processes
The Innovation Imperative
• Continuous innovation is a necessity
• Creating New Choices From Hidden Aspects
And Ignored Processes
• Need For A Positive Attitude Towards
Innovation And Risk Taking
Guide Posts For Innovation
• Affordability • Appropriateness
• Sustainability
Established Companies
New Product Success
INCREMENTAL INNOVATION
Newer Companies
DISRUPTIVE TECHNOLOGIES
Established Companies Face Danger
From Newer Companies
Because Of Disruptive Technologies
That Pose Risk To Their Investments.
Product Success Factors
• Unique Superior Product
• Well defined Product Concept
• Technological, Marketing
Synergy
• Market Attractiveness
New Product Failure
Study Shows – Higher Failure Percentages
-- Lower Success Rates
Of New Products Launched
Failure Due to
• Misinterpreted Market Research
• High Development Costs • Ineffectual Performance
• Incorrect Positioning • Insufficient Distribution
Support
• Tough Competitors • Inadequate ROI/Payback
• Overestimation Of Market Size
Companies Need To Overcome
All CHALLENGES
To
Succeed And Grow