Product Development: Research Strategies for New Lipstick Venture

This presentation outlines the research strategies for the development and launch of a new lipstick product, designed to function as both lipstick and lip balm. The assignment details the product's concept, targeting women aged 20-45, and emphasizes the product's dual functionality, SPF protection, and affordability. The product development process includes idea generation, market research using Google Trends, strategic planning involving suppliers and manufacturers, prototype creation, marketing strategy, and business analysis. The target market analysis focuses on working individuals and college students. Segmentation is based on age and geographic location. The presentation concludes that the product development process is crucial for success and highlights the lipstick's combined benefits and competitive pricing. The presentation includes references to academic research supporting the strategies employed.

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)

CONTD….
Idea Generation
It is the initial stage and the main source for the new product development of
Lipstick and Lip balm together is business customers
From surveys, it has been noticed that the working women prefer to carry
lipstick and lip balm together, however, there are no such substitutes
available in the market (Grimpe et al. 2017)
Through brainstorming, the innovation idea of combining the two lip sticks
and lip balm have been effective
Research
Researching was done through the Google Trends for analyzing the demand
of customers for the view on the respective product (Homburg et al. 217)
Launching of the coming soon page for gauging the interest through emails or
pop ups is the other aspect which is needed to be analyzed

CONTD….
Planning
While introducing the lipstick and lip balm together, the planning is
the crucial element which will be generating different brilliant ideas
The suppliers and manufacturers are required to be contacted to ask
for their suggestions and making the content successful
Hand written sketch is the key element which will be included in
planning process and making the aspect highly efficient (Kim, Shin
and Min 2016)
Prototype
 It helped in creating the complete product of lip stick and lip balm in
one stick (Lamey et al. 2018)
 The same has been used as the sample for distributing for mass
production

CONTD….
Marketing Strategy and Development
It will be showcasing the planned price, promotions and the
distribution aspects which will be used in the process (Mu et al.
2017)
The long term sales will be calculated as the cost is the other
important factor which needs to be implemented
Business Analysis
For the proposed lip stick and lip balm, the proposed and evaluation
of the business attractiveness is highly needed and necessary
Through R&D operations, the entire aspect of producing the
product can be taking place (Najafi-Tavani, Sharifi and Najafi-Tavani
2016)

ANALYSIS OF TARGET MARKET
The major target audiences of the respective
lipstick plus lip balm will be the working
individuals along with college students as it is
affordable and they will be easy to carry
wherever they are travelling (Sale, Mesak and
Inman 2017)
It is effective in targeting mainly the people
from the age group of 20-45 years of women
who prefer to apply the products on their
preferences (Situmeang, Leenders and Wijnberg
2017)

ANALYSIS OF POSITIONING
The lipstick and lip balm will be positioned as
the use or application as the main reason behind
the development of the same is to make the
customers satisfied and it will be providing the
marketers with the confidence to achieve the
best results after selling the respective lipstick
In addition, the prices will be low as the main
aim is to target the maximum number of women
customers and make them satisfied with the
product

ANALYSIS OF SEGMENTATION
The segmentation will be done as per
the age group and the geographic
location which will be beneficial in
managing the different customers
thoroughly (Theodosiou et al. 2018)
The age group consists of 20-45 years of
age group individuals which comprises
of girls and women and who have the
less pocket money and minimum income
(Xu, Frankwick and Ramirez 2016)

CONCLUSION
Therefore, it can be concluded that the product
development process is the key element that is
needed to be implemented for developing the
successful kind of product
In case of the lipstick and lip balm, it will be able
to make the customers understand that the
lipsticks can be combined with lip balm which will
be providing with SPF protection
The pricing will be done less as it can be afforded
by all the individuals present in the market as well

REFERENCES
Chang, W. and Taylor, S.A., 2016. The effectiveness of customer participation in new
product development: A meta-analysis. Journal of Marketing, 80(1), pp.47-64.
Gonzalez-Zapatero, C., Gonzalez-Benito, J. and Lannelongue, G., 2016. Antecedents
of functional integration during new product development: The purchasing–
marketing link. Industrial marketing management, 52, pp.47-59.
Grimpe, C., Sofka, W., Bhargava, M. and Chatterjee, R., 2017. R&D, marketing
innovation, and new product performance: a mixed methods study. Journal of
Product Innovation Management, 34(3), pp.360-383.
Homburg, C., Alavi, S., Rajab, T. and Wieseke, J., 2017. The contingent roles of R&D–
sales versus R&D–marketing cooperation in new-product development of business-to-
business firms. International Journal of Research in Marketing, 34(1), pp.212-230.