The success rate of new products is consistently poor. No more than one in 10 new products succeeds. The reasons for this high failure rate include:
A) There is no market for the product.
B) There is a market need but the product does not meet customer requirements.
C) The product's ability to meet the market need, although satisfactory, is not adequately communicated to the target market.
D) All of the options given above.

Question

Quizplus · Accepted Answer

All of the options given above are valid reasons for the high failure rate of new products. The product may fail because there is no demand for it, or because it does not meet the needs of potential customers. Even if it does meet those needs, if that benefit is not adequately communicated to the target market, the product may still fail. Therefore, it is important for companies to thoroughly research the market and the needs of their target customers, and to effectively communicate the benefits of their products to ensure their success.

The Success Rate of New Products Is Consistently Poor