Question

The failure rate for new products is extremely high.Some sources have stated the failure rate for new products is 80 to 90 %. In addition to the high failure rate, the cost to introduce a product is very expensive.Given the cost and high failure rate, some pundits advocate “playing it safe” when it comes to introducing new products.Should most companies begin to play it safe by drastically reducing the number of new products introduced? Is playing it safe risky business?What can companies do to reduce the failure rate for new products?Please respond to the topic in at least 200 words, and use the APA format to cite at least four sources

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As per Doole & Lowe (2008), innovation is the need of the hour and organizations need to develop offerings which are perceived to be value adding by the consumer. Playing safe by limiting new product launches is a risky option since consumers are more demanding and they want several options from which they can...

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