LAUNCHING INNOVATIVE COSMETICS PRODUCTS TO LITHUANIAN MARKET

Abstract

In this global marketplace, as products supply grow, product life cycles are shortened and consumer loyalty is declining. It is more important than ever for companies to bring new products to market in less time and periodically. This article examines the Lithuanian cosmetics industry and what difficulties a company face when introducing a new product to the market. The cosmetics industry in Lithuania is reviewed and the product development process is analyzed. Identify the factors of a successful product and the relationship between them. The paper presents the results of the surveyed companies involved in the development of cosmetics industry products. The reasons and key factors influencing product success are identified. Based on the results of the study, a model for the development of new products for the cosmetics industry is presented and conclusions and suggestions are presented.