Philip Kotler & Gary Armstrong: A new product is a good, service, or idea that is perceived by some potential customers as new.
Causes
of new products fall: a) Inadequate
market research, b) Inferior quality of product, c) Technical weakness, d)
Lacking of good plan, e) Inefficient distribution system, f) If pricing is not
appropriate, g) Fault in promotional activities, h) Poor timing in
introduction, I) lack of product uniqueness, j) Defect in positioning, k)
Fragmented market. L) Shorter product life style, m) More expenses in
production, n) Attack of the competitor, o) Lack of managerial efficiency and
experience.