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