challenges faced in new product service development
TRANSCRIPT
Challenges faced in new
product/service development
Not all new products are successful
So, What all obstacles do they face in the process?
INNOVATION IMPERATIVE
Constant innovation is a necessity
Need to quickly seize new market opportunities
Ignored/misinterpreted Market Research
Over estimates of Market size
Shortage of
Higher cost of development
Capital Shortages
Fragmented Markets
Smaller segments means lower sales and lower profit per product
Organizational support
May not mesh with corporate culture/receive financial support
Other drawbacks
• Poor Launch timing
• Shorter product life cycles
• Social, economic and governmental constraints
References
• Marketing Management, Kotler Keller• thecomputerspirit.com• http://m-bossed.com/2011/11• smallbiztrends.com• http://tweakyourbiz.com• http://dev.kitrx.com• www.sodahead.com
Disclaimer
Created by S Varadharajan, IIT Madras, during an internship by Prof. Sameer Mathur, IIM Lucknow.
www.IIMInternship.com