Innovation, new product development and why do new products fail?

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Innovation:
Product innovation is the creation and subsequent introduction of a good or service that is either new, or improved on previous goods or services.
Product innovation is defined as: the development of new products, changes in design of established products, or use of new materials or components in the manufacture of established products[1]
Thus product innovation can be divided into two categories of innovation: development of new products, and improvement of existing products.
Systemmatic Innovation of Products includes:
Technology strategy
Design thinking skills
Customer needs analysis
Systematic creativity methods
Market and pricing strategy
Design for environmental sustainability
Design of services
Capturing value from innovation
Development process design
Product and service leadership
R&D organization and teams
Managing complex technical projects
The future of design process and culture
The development and market introduction of a new, redesigned or substantially improved good or service. might include a new product 's invention; technical specification and quality improvements made to a product; or the inclusion of newcomponents, materials or desirable functions into an existing product.

Meaning of New Product Development:
Product development is a broad field of endeavor dealing with the design, creation, and marketing of new products. Sometimes referred to as new product development (NPD), the discipline is focused on developing systematic methods for guiding all the processes involved in getting a new product to market.
New product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation,product design and detail engineering; the other

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