New product development on cosmetic and medical goods: Case study in SF Green Sdn Bhd

Loh, Woan Teng (2024) New product development on cosmetic and medical goods: Case study in SF Green Sdn Bhd. Project Report. Universiti Teknikal Malaysia Melaka, Melaka, Malaysia. (Submitted)

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Abstract

New product development is an integrative process that converts a market opportunity into a merchantable new product that meets customers' demands. There is a process for new product development that offers a clear direction for creating a new product. These procedures ensure that the company follows a structured and well-planned set of methods, expanding the possibility of product success. New product development is a critical component of long-term business management. Nowadays, the organic cosmetic and medical industry has been gaining popularity in society. This is due to the fact that consumers are increasingly seeking non-polluting, environmentally friendly, and user-safe products. Hence, this study aimed to examine the criteria for developing cosmetic and medical goods in SF Green Sdn Bhd and understand the new product development process implemented in SF Green Sdn Bhd. A case study research design and qualitative research method has been selected in this study as it allows the researcher to concentrate on gathering data and information regarding the criteria of developing product development and the processes of new product development at SF Green Sdn Bhd. The first research objective was achieved as the criteria for developing cosmetic and medical goods in SF Green are quality, environmental impacts, performance, cost, and social impacts. The second research objective had also been achieved as the new product development process used in SF Green Sdn Bhd are idea generation, idea screening, concept development & and testing, profitability analysis, mix development of product marketing, market test, and commercialisation. This research benefits the researcher by providing insights into the criteria for developing cosmetic and medical goods and each new product development process. It also enables the researcher to create a case study to further the process of new growth or the success of an organisation.

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