Challenges face in creating new

product strategy
Product development refers to the entire
process of conceptualizing ideas, designing,
developing and eventually introducing a new
product or service in the market so that it not
only outshines competitors but also earn
huge revenues for the organization.
Challenges face in creating
new product strategy

1. Identifying the right

individual who has the passion
to think out of the box and
doing things differently is a big
challenge in new product
development.
Challenges face in creating
new product strategy

2. Paper work, sorting out legal

matters, necessary permissions from
external (government agencies),
copyright issues requires undivided
attention and pose to be a major
threat in new product development.
Challenges face in creating
new product strategy

3. As an organization, you need to

interact more with target audience
after the product launch to ensure
they are not only satisfied with your
new product or service but also
getting the features and benefits as
promise by your marketing
professionals during promotions and
campaigne.
Challenges face in creating
new product strategy

4. Speak to customers over the

phone, write them an email asking
their feedback or ask your marketing
team to visit them to find out as to
what they think about the new product
and the services rendered to them.
Challenges face in creating
new product strategy

5. Keep in touch with all

your dealers, outlets,
stores and keep a track of
sales.
Understand as to why your product failed in the
market?
1.Marketing Failure

2. Technical Failure

3. Product is launched at the

wrong time when it is not required,
thus fails to fulfil customer’s
needs and expectations.