Doan internet search of the new product development process of anyproduct of your choice, and analyze the process for developing theproduct. Review the reasons why new products fail and make twospecific recommendations to improve the high failure rate of newproducts.
Expert Answer
Product : Cosmetics
Product development process :
a. Product design and specification are determined by themarketing team as per the customer needs and wants.
b. Formulation of the product is conducted by the R&Ddepartment based upon needs, cost, chemicals and requirements.
c. Raw material and packing material are sourced from thesuppliers.
d. Product testing is done after the manufacturing theproduct.
e. Packaging designs are determined
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