ANTECEDENTS OF NEW PRODUCT SUCCESS
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Abstract
Success of new products is vital for increasing customers’ choice of products as well as their standards of living. It is important for the sustainability and growth of firms. New products serve to launch the company into new markets or technologies or add better need satisfaction and better benefit delivery to consumers. The success of new products is only 60% to 70% in most types of products. There is an urgent need to save the Billions of money lost every year due to new product failure, and to prevent the distress and trauma caused to the executives concerned, companies and the brands. Therefore, the drivers of new product success need to be investigated and examined so that they can be adopted and employed by companies developing and launching new products, so that success of new products is ensured. This study identifies the variables that affect success of new products, and also the extent to which each of these variables influences new product success. It compares the responses of managers and consumers of each of the two companies, as well as the responses of managers and consumers of one company with those of the other.
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