The Hazards of Product Innovation in 2015

The Hazards of Product Innovation in 2015

The Hazards of Product Innovation in 2015

The need for product innovation in the consumer field is aggravated by the problem of the high failure rate for new products. While estimates vary from market to market, it has been estimated that twenty-four out of twenty-five new products failed during test ONLINE MARKETING in the U.S.A. and a worldwide food manufacturing organization states that only 8 per cent of new products are still on sale in the second year of their life. Another such firm has said that two out of three new products failed after introduction to the shops. One authority has calculated that in Britain it takes sixteen viable ideas to produce one successful national brand.

Set against this background, it will be seen that the bringing of a new product to the market, although necessary, is a hazardous undertaking. Large sums of money must be speculated. On the other hand, the prize, in terms of profits, to be gained from the successful establishment of a new brand into a multi-million pound market may compensate more than adequately for the losses which are incurred on the non-starters.

Before any new product can reach the stage where it is launched upon the market, it must undergo a very thorough screening. Indeed, a large number of new product ideas never get beyond the 'drawing board' stage before they are rejected. Because of this high rate of mortality, the ONLINE MARKETING Manager needs a constant supply of new ideas in the hope that at least a few of those which survive screening and test ONLINE MARKETING may finally see the light of day with a national launch.

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