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