Perfume Industry Assignment
Added on 2020-12-29
14 Pages4123 Words122 Views
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Development
Table of ContentsSECTION 1: INTRODUCTION.....................................................................................................1Problem identification..................................................................................................................1Proposed solutions.......................................................................................................................2Section 2: Opportunity/Idea Formation.......................................................................................3Section 3: Opportunity or Venture Development........................................................................7Section 4: Conclusion..................................................................................................................9REFERENCES..............................................................................................................................10
SECTION 1: INTRODUCTIONPerfume industry is not an easy one to enter into as there are a lot of companies out therewith a strong brand and recognition. As a Roehampton 3rd year student, I was assigned as part ofEntrepreneurial Development module to come up with a new business opportunity. We had todevelop a power point presentation in a group of three and I found a business opportunity inmanufacturing 100% pure essential oil perfumes targeting people with perfume intolerance andasthmatics as they are unable to use normal perfumes. We plan to make this business a success aswe conducted a research and we managed to find out that one third of people suffer fromfragrance sensitivity. In this report I will be presenting the problems we found in detail, thesolution that we came up with as well as the risks involved in this type of business andcompetitors we managed to find and also our plans and ideas towards making this business a realsuccess. Our Main objective behind this is to capture large market share and enhanceprofitability. For this purpose, we are required to conduct research and identify needs andrequirements of customers so that such products can be offered to them. (Miletzki and Broten,2017). Various topics are covered under this report which includes unique value proposition ofentrepreneurial idea, development pathway, process in which idea is being formulated etc.features of chosen development pathway are also discussed in this assignment.Problem identificationI and my team members analysed various sources to identify problem available inperfume industry. We have observed the problem which is as follows:Perfume intolerance or perfume allergy: a condition wherein people exhibit sensitivityor allergic reactions to ingredients in some perfumes and some other fragrances. Thiscondition is very common and studies show that about 30% of the general populationmay suffer from it (People suffer from fragrance sensitivity, 2017).Asthma attacks: common trigger for asthma attacks. In fact, there are many asthmapatients who couldn't stand the smell of perfumes. For some asthma sufferers,perfume is the sole reason of high-intensity attacks (Perfumes as an asthma trigger,2016).1
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