Developing a New Organic Lipstick cum Lip Balm

Enterprise and Entrepreneurship

Table of Contents
INTRODUCTION
Motivation for choice of business
The process you went through to generate the business idea
Feasibility studies conducted
Details of the product or service to be offered
Potential market opportunities
Attractiveness of the industry
Vision for your business
CONCLUSION
REFERENCES

Introduction
The following presentation includes a business idea that includes development of a new product
i.e. organic lip balm plus lipstick. This is a product that will be introduced in market for
women and girls. This presentation will tell about the story behind choosing the idea of
planning new lipstick cum lip balm. This consists of Porter's five forces model and
marketing mix of the product. Also, there is discussion on the potential market opportunities
and social trends of the product within customers. The cosmetic industry is growing each
and every day at high pace (Kuratko, 2016). It is beneficial for the companies to launch
new cosmetic products in market to earn profits and money.

Motivation for choice of business
The main reason for choosing the lipstick cum
lip balm as a new business idea as there are
chances of making money and profits
easily. This business idea is chosen because
the lipstick industry is able to make profits
in less time. This business is started at
small scale and there is in depth research
conducted before starting the business. To
start the lipstick line company business,
there is need to be deliberate, dedicated
and determined towards developing and
building business for setting goals.

The process you went through to generate the business idea
Some of the marketing strategies used while launching lipstick are mentioned below -
New organic lipstick is launched by sending introductory emails, messages and letters with the
brochure. This can be given to people who are doing business in cosmetic an beauty retailer
industry (Etzkowitz, and Zhou, 2017). This is distributed in different salons and spas so
that people are attracted towards new organic lipstick.
 This lipstick is advertised on blogs, forums and internet. Social media can also be used
for advertising the new lipstick.
 Personal website is made for making people aware about new organic lipstick that can
work as a lip balm too.