A look at the causes of high failure rate, the roles of consumers, ad agencies and marketing firms, with examples, costs and risks.
Written in 1994; 2,025 words; 8 sources; $ 71.95
From the Paper:
"Next to the building of existing brands, innovation in new product development is the most important single discipline of corporate America. New product investment today gives companies the identity and forward-spin they need to survive in a more competitive world. However, because new product failure rates are so high, new product innovation is too important a subject to be trusted to instincts or to gut-level emotion.
New product costs have skyrocketed in recent years--one of the reasons that marketers are increasingly interested in honing the discipline down to a science. By some estimates, the cost of introducing a new packaged-goods brand runs to $20 million or more. Historically, eight out of 10 products fail in the marketplace. With the astronomical costs of development programs, these failures are a significant drag on corporate..."
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