Why The Previos Products Failed

There are numerous reasons new products fail when introduced into a product market. In fact one study estimated that as many as 80% of new consumer packaged product fail, 90% of all new products fail within 2 years, and only about 40% of new consumer products are around 5 years after introduction. The reasons for product failure could consist of overestimating the market size, product design problems, costs of product developement, incorrect pricing or positioning, poor marketing research, timing, competitors, or many other various reasons. The point I am trying to make is product fail and there isn't a lot you can do about it. There is however ways to making the chance of failure less and that is doing your homework. Test your product, introduce it at a fair price and don't introduce a high priced item when the economy is low. Products fail everyday so make sure you decided when where and how you are going to introduce your new product.