Innovative Products and Sustainable growth of Cosmetic Business
Abstract
Since, the past decade many countries have paid more attention on environment’s condition. Meanwhile, the concept of “sustainable economy” that placed an importance on the ethical and economical utilization of natural resources for the growth of businesses, as well as, people and society, has emerged. This form of economy has received attention and was considered a new way to develop global economy. For the businesses, which were the small units of economy, this concept was viewed as a challenge in a way that the they have to adjust themselves to keep up with this new trend of economy. Which gave significance on sustainability. Although, cosmetic industry has generated high marketing value, but it concerns the use of chemical ingredients that may be harmful to the consumers. Moreover, cosmetic manufacturing process may have impacts on environment. However, due to the increase of demand for sustainable business operation, cosmetic businesses need to adjust themselves to be able to succeed under the changed situation. The need to be adjusted was driven by 4 factors, which were; 1) ethical 2) trend of regulation and law 3) technology advancement 4) economic benefit and long run growth. Moreover, in order to be sustainable successful. The cosmetic businesses had to 1) initiating sustainable innovative and friendly-manufacturing process. 2) building corporate image and 3) building strategic alliance.
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