Research Strategies for New Venture

RESEARCH
STRATEGIES FOR
NEW VENTURE

DESCRIPTION OF PRODUCT
(LIPSTICK)
The product which will be launched is Lipstick
which will be working as both lip balm and lipstick
The respective lipstick and lip balm will be offered
to be the different female customers who do not
prefer to carry two or three cosmetics together
The product will be made with Baby Oil and there
will be different color offerings for the same for
the different customers
The main target customers will be the different
ladies from various age groups

BACKGROUND AND AIM OF
IDEA OF LIPSTICK
The main reason and aim of the lipstick idea
is the fact it will be capable of brightening
the smile and making the customers happy
by offering dual protection in one stick
The lipstick and lip balm in one stick will be
making it easier for the customers to
purchase at a low cost and it will be
offering the SPF protection along with
forming protective barrier for the lips in
different seasons

FIVE STEPS IN PRODUCT
DEVELOPMENT PROCESS
The development of the product starts with generation of idea
and these include the different innovative ideas which goes
through screening before reaching to the final stage (Gonzalez-
Zapatero, Gonzalez-Benito and Lannelongue 2016)
The new product development is one of the crucial aspects
which needs to be survival for the innovative organizations
In the dynamic business environment, withstanding the
competition from the other competitors is difficult and it is
highly necessary to constantly update the different products that
will be useful for improving the growth of the new products
(Chang and Taylor 2016)