How to Measure the Success or Failure Rate of a New Product Strategy in Competitive Markets

Abstract

Abstract This paper attempts to present a method for determining the level of goal achievement corresponding to a marketing strategy formulated for a new product launched in a competitive market. The research method used in this paper is a literature review in the area of new product development (NPD) and marketing strategy. The obtained scientific results indicate the importance of measurement of the effects of a new product strategy and provide various new metrics in this field. In practice, the author proposes useful indicators to measure the effects of a new product strategy in competitive markets. Given the economic and marketing implications of the study, its originality concerns the results that provide the basis for the improvement of company’s efforts in effect measurement of a new product strategy and also marketing strategy in competitive markets. The present paper contains an overview of scientific works about new product competitiveness, and also proposes a modification of the method used to measure new product competitiveness on the marketplace. The research contribution to marketing sciences primarily includes the formulation of a set of real rates to measure success or fail rate of a new product strategy in a competitive market. The novelty of the research lies in the approach used to obtain quantitative parameters for evaluation of market competitiveness of a new product in various industries.