Designing the Optimal Product: Using Simulation Tools to Innovate and Reduce Time-to-Market
The worldwide cosmetics and toiletries market was estimated to be more than$200 billion (US) in 2003, with an annual growth rate of about 5 percent. In the western world, tactics like product differentiation based on targeted age groups, sex, race and specific skin, and hair conditions within each market segment assisted growth. Recently, national retailer chains in North America have been making more aggressive ad campaigns to attract specific groups of consumers. More importantly, technological innovations and continuing development of the upper mass market segment influenced growth.