GENERAL KNOWLEDGE

Detailed explanation-1: -False. Regardless of market conditions, over 80 percent of all new products fail in the marketplace.

Detailed explanation-2: -Some popular statistics overestimate that 80% to 95%-the vast majority-of new offerings wind up as failures. While newer research suggests that the number is closer to 40%, the likelihood of product failure still represents a very real risk to fledgling companies.

Detailed explanation-3: -Commercialization: The process of taking a new product from development to market. It generally includes production launch and ramp-up, marketing materials and program development, supply chain development, sales channel development, training development, training, and service and support development.

Detailed explanation-4: -A limited budget and promotional push, coupled with a lack of social media attention and user support is a recipe for product failure. Without growing brand awareness and general product promotion, there won’t be a demand for your product.