Source: UCreative.com

Why So Few Products Are Successful?

Even before the new digital age, there are so many new products flooding the market daily. Entrepreneurs from around the world are rolling out new products every second. Just look at the Apple Apps store, there are over 2 millions available apps. Millions of dollars are spent yearly developing and launching new products. But less than five per cent of new products will become successful! Even if it is successful, it might not have a long shelf life. How do we defined a successful product? 

In his book, “Managing for Results”, management guru Peter Drucker has defined eleven product categories to make it easier for management team to manage their business effectively. The first five categories are fairly easy to understand. The second group of six categories are the problems. His book was written a long time ago but it is still applicable to today’s business world. After reviewing the eleven product categories, one can get a better understanding of why so few products are successful. Read More...