New product development on skincare and cosmetics: Case study in MM Cosmetic Sdn Bhd

Low, Hui Sin (2023) New product development on skincare and cosmetics: Case study in MM Cosmetic Sdn Bhd. Project Report. Melaka, Malaysia, Universiti Teknikal Malaysia Melaka. (Submitted)

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Abstract

New product development is a driving force that impacts the success of a business. New product development has a process that provides a clear roadmap for developing new products. These processes can ensure the company process a structured and well-planned set of procedures and increase the chance of product success. New product development has been a strategy that enables companies to organize product planning. Currently, the skincare and cosmetic industry has been gaining popularity in Malaysia. Therefore, this study aimed to examine the new product development process in MM Cosmetic Sdn Bhd and investigate the strategy used to render successful commercialization in MM Cosmetic Sdn Bhd. Exploratory research design and qualitative research method were adopted in this study because it allowed the researcher to better comprehend the existing problem by gaining information from respondents in the MM Cosmetic Sdn Bhd through interview sessions. The first research objective was achieved as the new product development process in the MM Cosmetic Sdn Bhd are idea generation, idea screening, concept development, and testing, market strategy and business analysis, test marketing, and commercialization. The second research objective had also been achieved as the strategy used to render successful commercialization in MM Cosmetic Sdn Bhd are portfolio strategy, inter-firm collaboration/cross-over partnership, and market strategy. By gaining insights into each process of new product development and strategy used to be considered when developing a new product, this research is beneficial to the researcher in order to develop a case study to furthermore that the process of a new product or the success of an organization.

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