Top 20 New Product Development Challenges


Here is a list of 20 potential challenges that a company face when developing new products in the global economy:

  1. ​​Poor or inadequate product design or functions

  2. Naming the product

  3. High development costs

  4. Recruit right talent and secure enough resources

  5. Shrunken total development time

  6. Ineffectual performance

  7. Incorrect positioning

  8. Zero (or too little) market research and analysis to understand the marketplace and customers

  9. Lack of proper marketing strategies

  10. Ineffective marketing and advertising campaigns

  11. Insufficient distribution support

  12. Poor launch timing

  13. Delayed market entry

  14. Incorrect pricing

  15. Insufficient ROI/Payback

  16. Overestimation of market size

  17. Fragmented markets

  18. Tough Competitors

  19. Lack of new or true innovation

  20. Social, economic or governmental constraints

"The biggest risk is not taking any risk... In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks." -- Mark Zuckerberg

Related article: New Product Development - Why Bother???

#NewProductDevelopment #NPD #ProductManagement #ProductLifeCycle

Featured Posts
Recent Posts
Categories
Search By Tags
No tags yet.
Let's Connect!
  • White Facebook Icon
  • White Twitter Icon
  • White LinkedIn Icon
  • White Instagram Icon
  • White Pinterest Icon
  • White YouTube Icon

© 2017 mia t lee.  All rights reserved.