Formulation refers to the process of creating a specific mixture or combination of ingredients to achieve a desired product. This is commonly seen in industries like pharmaceuticals, where scientists develop medications by carefully selecting and measuring active ingredients and excipients to ensure effectiveness and safety. In the context of cosmetics, formulation involves blending various components such as oils, emulsifiers, and preservatives to create products like lotions and creams. The goal is to enhance the product's performance, stability, and user experience while meeting regulatory standards.