What is typically considered the main cause of new product failure?

The main cause of new product failure is often attributed to the failure to solve a customer problem. A product must address a specific need or pain point that customers experience; otherwise, it may not gain traction in the market. If consumers do not find that a product adds value or meets their requirements, they are unlikely to purchase it, regardless of how well it is priced, marketed, or packaged.

While incorrect pricing, insufficient marketing funds, and poor packaging design can contribute to product failure, they are typically secondary issues compared to the primary requirement of addressing a customer need. A product can be well-priced and attractively packaged, but if it does not fulfill a significant demand or solve a real-world problem, it will struggle to achieve success in the marketplace. Therefore, focusing on understanding and addressing the specific challenges or desires of customers is crucial for new product development.