A virtual testing approach to improve new product success rates

Today much more knowledge about what it takes to create a successful new product is available, yet four out of five new products still fail.

A Virtual Testing Approach to Improve New Product Success Rates

Karl IronsIrons Consulting, United States

Lionel WangMarketing and Innovation, LLC, United States

Henry XinMarket-Guide Consulting Co., Ltd., China

BACKGROUND

There is no quantitative area of market research more regularly used or more studied than concept testing. Over a hundred thousand product concepts have been systematically tested in the past 20 years. Massive databases of results have been created and diligently maintained. Sophisticated forecasting approaches have be employed, refined, updated, and improved. Yet, four out of five new products continue to fail in-market. The failure rate 25 years...

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