A product redesign strategy can effectively shorten design lead time and reduce the manufacturing cost of innovative development for the manufacturing industry to stay competitive. Identification of function components is the basis of product redesign. Existing practices to identify the critical component and customer requirements are considered while complaint and historical failure data, crucial for improving product reliability, are frequently ignored. The objective of the article is to develop an integrated framework of product redesign and innovation considering customer requirements and product failure modes. The novel framework integrates the design for manufacturing and assembly (DFMA) and design for reliability (DFR) approaches, as well as finite element analysis to address the cost reduction of product redesign at early-stage, reliability improvement, and higher customer satisfaction. The proposed integrated framework is validated using an example of an Indonesian SME’s cooking stove. The redesigned cooking stove showed substantial improvements with 5.46% cost reductions, 20.32% design efficiency, and an 52.81% safety factor.