Which of the following statements is correct regarding new products?

The statement that many new products fail to meet customer needs is correct because it highlights a critical challenge that businesses face when introducing new offerings to the market. Research shows that a significant percentage of new products do not achieve commercial success, often because they do not align with the preferences, requirements, or expectations of the target consumers. This misalignment can stem from inadequate market research, misunderstanding of customer desires, or a lack of innovation in addressing consumer problems.

Understanding market needs and customer behavior is essential in product development. Companies that invest in thorough market analysis and customer feedback are more likely to create products that resonate well with their audiences, thereby improving their chances of success. The failure of many new products underscores the importance of creating products that genuinely meet customer needs, rather than relying solely on innovative ideas or trends without validating them against market demands.