Product Launch - Key Elements

Approximately 75% of the new product launches in the capital goods industry fail!
What are the causes that even technically sophisticated products are not successful in the market? What key elements should be considered at the time of market introduction?

Why product launches fail

Lack of research on actual customer needs or customer expectations (tasks, pains, gains) and inadequate market analysis (market segment / target group, structure, potential, price level, competition) are two of the main causes of failed launches and these errors are due to lack of care or insufficient focus already committed at an early stage of the innovation process.
Further causes are misjudgements in the development effort or the implementation in production. Furthermore, disproportionate marketing budget and poor timing are additional reasons for failure.