When we consider buying foods such as chocolate, our minds are filled with emotions, yet our research methods focus on purchase intent and liking. Is it a wonder, then, that new product success rates are low in the food industry?
Hoban (1998) cites success rates as low as 2%. Less than 25% of new products launched in 2005 exceeded $7.5 million, and less than 1% exceeded $100 million in year-one sales (IRI, Inc., 2006).
The Product Development Management Association (PDMA) reports that 68% of consu…