Tips for New Product Owners
Understand your market and what your market desires.
Create products which match your key market. Samples are critical and insist on timelines when working with suppliers.
Start with indicative costing this can be done by dividing retail costs by 5 which can provide a guidelines cost measure for products in a similar category or description.
Natural Household Range
Prominent brand distributed nationwide at major upper-end retailer required formulation adjustments to improve the following:
1. Supply chain management
2. Domestic preference of texture and smell
3. Malaysian based factory for domestic support
4. New improved product range
5. Cost optimisation
Requirements maintain unique selling points:
Organic, Natural, Safe, Hypoallergenic, Target costing price.
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