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(solved) Entrepreneurship, Enterprise and Innovation

Added on - 23 Nov 2020

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ENTREPRENEURSHIP,ENTERPRISE ANDINNOVATION
TABLE OF CONTENTSOVERVIEW...................................................................................................................................1BUSINESS AIM AND OBJECTIVES...........................................................................................1Mission.........................................................................................................................................1COMPETITOR ANALYSIS...........................................................................................................1MARKETING MIX........................................................................................................................3STP APPROACH...........................................................................................................................4MARKET ANALYSIS...................................................................................................................5PESTLE analysis of Skin Protector Cream.....................................................................................1KEY PEOPLE.................................................................................................................................2SUPPORT NETWORK...................................................................................................................3PREMISES AND EQUIPMENT NEED.........................................................................................3TYPES OF CUSTOMERS..............................................................................................................3EXIT STRATEGIES......................................................................................................................4THREE TESTS................................................................................................................................4FINANCIAL ANALYSIS...............................................................................................................4REFERENCES................................................................................................................................8
OVERVIEWDr. Organic will be based in UK with expertise in formulating skin creams, distributorand wholesaler. In the present scenario, awareness of skin has been spread in every person'smind as this will produce effective and standard skin care products and especially it will beproducing skin protector cream with snail cream and organic would be repairing skin and it willbe used for make-up as well. This business will create profits and value will be given tocustomers on basis of their money as main reason is to ensure about facility for developing farreaching distribution network for its major wholesalers of skincare products. This will giveluxurious treatment to its customers at their visit to outlet as there will be implication of CRMsoftware for managing relationship among their customers for attaining growth and success.BUSINESS AIM AND OBJECTIVESThe objective of business is to establish standard for skin protection cream and to be wellknown brand to build business in UK. To increase its sales by 10% with similar proportion ofmargin as well in yearly aspect along with customer base in dual benefit to them. There will beinnovation of skin protection cream as it will be also used for make-up as well.MissionIts mission is to be not as wholesale distributor but wants to be trade suppliers to reachend user market along with its consideration of product to be proprietary. There is desire forseeking responsible and true profit for keeping this business entity in healthy position for shortand long term aspect in satisfactory manner to its owners and investors on basis of risk andmoney.COMPETITOR ANALYSISThe beauty market of UK is offering multiple insights and analysis of market along withdifferent categories, the main trends, major players and attitude of consumer as well. It has beenforecasted that this sector will attain growth by approx 22% over next consecutive five years asinflation would have driven through 2.3%. According to report of Mintel that British womenspent 1.15 pound billion on category of facial skincare and in 2018 its sales would raise by 1.18pound by approx 3%. As per industry analysis, 40% of UK female users of facial skincare findsdifficulty for level of sun protection on regular aspect (Lucy Whitehouse,2018).Hence, in this aspect Dr. Organic will be providing products as Skincare protection creamwhere it will be considering organic make-up as well. This will be using non-toxic ingredients1
and brands with awareness of application of non chemical products. On the contrary,L'Occitanne brands are not aware about its brands such as Body Shop and Lush but it does nothave presence in organic skin cream and in similar context, Neutrogena has products for Mineralsunscreen, sunless tanning, Adult sunscreen and Kids and bay sunscreen but our product will begiving dual benefit in one product as skin protection plus make-up. The L'Occitane andNeutrogena are operating globally but Dr. Organic will operate at local level as it is start-up inUnited Kingdom. Neutrogena and L'Occitanne has adopted premium pricing policy whereas Dr.Organic would be undertaking mid premium policy according to its target.Illustration1: Skincare market value(Market value of skincare cosmetics in Great Britain by product type,2017)The above statistics is reflecting market value skincare cosmetics as sales value on basisof face care products was directly estimated approx 80.4 million as Non medicated with marketvalue of 924.1 million followed by skin care at 578.6 million.2
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