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???

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