Introducing a new product or service can prove beneficial to businesses. The right idea can put your brand ahead of the competition, expand your reach, enhance customer experience, and boost sales. That’s why entrepreneurs invest thousands of dollars into product development. Unfortunately, not all of them yield a return, resulting in a waste of time and money.

Why do product launches by existing businesses fail? As there are several aspects to developing and introducing a product to market, the reasons are plentiful. Although some factors are beyond control (i.e., changes in the economy), in many instances, product launches fall by the wayside due to unnecessary mistakes.…