Knowledge, Innovation and New product Development Essay

Knowledge, Innovation and New product Development - Essay Example rowth rate as compared to the already developed markets; and the economically developed countries like US and Germany are facing greater heat of recession with surging economic crises. Therefore one can think of investment in either India or China. I took India as the country to develop new product because cosmetic, especially 100% herbal and vegetarian Lipstick with variety of shades can be a new product that can be developed in an Indian Market. The increasing urbanization and a growth in the number of office workers have resulted in a strong focus on grooming in that country. 65% of the total population of India is below 35 years of age but only around 30% of the women use lipsticks in India, so there is a wide scope to flourish in India. The USP (unique selling proposition) of this product is its attribute of being 100% Herbal and Vegetarian as almost 40% of the total population in India is vegetarian and till now no other company has launched this type of product in the Indian M arket. Cosmetics and toiletries have seen tremendous growth in 2007. Growth was partly due to high levels of inflation but volume sales also saw dynamic growth. Rising income levels resulted in lower-income groups being able to afford more cosmetics and toiletries and also saw many trading up from unpackaged to packaged products. Meanwhile, mid- and high-income consumers in urban areas began to seek out value-added mass brands and premium products. India can be taken as the country to sell the product as Indian females are considered an epitome of beauty and they are more and more becoming beauty and fashion conscious. The product that can be marketed is a wide range of cosmetics (100%Vegetarian) especially lipsticks and it can be launched in the Indian market by the name: This indeed is true because people will not normally forget the hospitability offered at the service based organization like restaurant, beauty parlor, consultancy firm etc and especially the cosmetic