INNOVATION AND CREATIVITY
TYPES OF INNOVATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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its not attracting
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lack of marketing
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people unfamilliar with the product
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wrong timing
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Detailed explanation-1: -So many things contribute to new product failure: bad design, poor user experience, sloppy implementation, feature creep, and lack of quality control. Microsoft alone has several examples of how poor execution affected their product’s performance on the market.
Detailed explanation-2: -It’s important to get the timing of your product launch right. Around 13% of startups failed because of mistimed products. Timing is the number one factor that determines if a startup will be successful; If your idea comes too early, customers may not be ready for it.
Detailed explanation-3: -What does time to market delay mean to your costs due to experience? Being late erodes your market share which in turn reduces your volume. If you are early in the market’s life, this can critically cripple your cost structure because you will fall behind and never catch up.
Detailed explanation-4: -Many new products will fail because they do not obtain the necessary distribution and market coverage to be viable, due to lack of interest from most retailers.
Detailed explanation-5: -The product is ready to meet consumers’ needs. Your team is well-equipped to meet demand. You’ve studied market demand. You’ve prioritized feedback. Marketing is prepared. More items •15-Dec-2021