Can a company insulate itself against new product failure? The global beauty giant L'Oreal has certainly tried. With the goal of winning 1 billion new customers over the next decade, the firm opened a global research center in Paris for the sole purpose of developing new hair-coloring, hair-care, and hair-styling products. 6 But just because an organization commits significant resources to new product development doesn't mean its new creations will survive. For example, poor sales forced L'Oreal to withdraw Inneov, a line of nutritional supplements introduced into the European market. 7 There is no guarantee against new product failure. So firms try to minimize their risk by following a step-by-step development process. Where do you think the process begins-and how does it end? once you understand these steps you'll see where new products come from-and you'll appreciate what it takes to make them successful,
Can a company insulate itself against new product failure? The global beauty
giant L'Oreal has certainly tried. With the goal of winning 1 billion new customers over the next decade, the firm opened a global research center in Paris for the sole purpose of developing new hair-coloring, hair-care, and hair-styling products. 6 But just because an organization commits significant resources to new product development doesn't mean its new creations will survive. For example, poor sales forced L'Oreal to withdraw Inneov, a line of nutritional supplements introduced into the European market. 7 There is no guarantee against new product failure. So firms try to minimize their risk by following a step-by-step development process. Where do you think the process begins-and how does it end? once you understand these steps you'll see where new products come from-and you'll appreciate what it takes to make them successful,
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