Entrepreneurship and Feasibility Study for Herbal Beauty and Cosmetics Products - Desklib
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This report discusses entrepreneurship, feasibility studies, and potential market opportunities for herbal beauty and cosmetics products. It includes a PESTLE analysis, Porter's Five Forces analysis, and STP analysis. The report also elaborates on the vision of the company. Course code and college/university not mentioned.
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BM564 ENTERPRISE AND ENTREPRENEURSHIP
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TABLE OF CONTENTS 1.INTRODUCTION 2.MOTIVATION OF BUSINESS 3.PROCESS TO GENERATE BUSINESS IDEAS 4.FEASIBILITY STUDIES CONDUCTED 5.DETAILS OF NEW PRODUCTS 6.POTENTIAL MARKET OPPORTUNITIES 7.REFERENCES
INTRODUCTION Enterpriseisreferringasthefindingthenewbusinessforthe opportunities and taking advantage’s to make a profit. Enterprise can be done in various types such as small business, larger business, social business and scalable start-up.
MOTIVATION OF BUSINESS The main motives of theGlamcare companyareto shifting the customers purchase habits form the conventional skin careproductsto herbalbeautyand cosmetic’s products.
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PROCESS TO GENERATE BUSINESS IDEAS Analysis personal skills Market research Identify customers Determine pricing Designing and packaging of products Finalize business ideas Promotion and launch products
FEASIBILITY STUDIES CONDUCTED Political factors:The political factors are also considering and that are basically depends on the government’s policies in the company. Social factors:This factors directly impact on the behaviours of customers and buying patterns of customers and it is important determinants of company. Technological factors:the technological factors are based on the research and developments activity, innovation in products and services. Legal factors:This factors includes the various law’s such as consumer law, discrimination law, health and safety law and employment’s law. Environmental factors:In this factors, there are various aspects includes such as climate changes, weather, climate which can affect’s business. Economic factors:This factors includes interest rates, economic growth, exchange rates and inflation rates.
DETAILS OF NEW PRODUCTS Glam care will offer the herbal beauty and cosmetics products to customers in the competitive marketplace. The gerbil products consist the various items such as shampoo, lotion, lipsticks, cream, oil, conditioners, etc. The main purpose of products is to maintain the good skin health. Herbal products are based on offered and produced by mothernature.Productswillmakewiththenatural ingredients and goodness of nature.
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POTENTIAL MARKET OPPORTUNITIES Segmentation: The segmentation is referring as the collection of the market based onthevarioustypessuchasgeographic,behaviouraland demographic segmentations as well as psychographic segmentations. Targeting: Business will target the young and adult’s women for the products because they are more conscious regarding their skins and care for their skins. Positioning: It is defined as connecting with customers and audience at individual level to set products different from other competitors in market.
ATTRACTIVENESS OF THE INDUSTRY To analysis the attractiveness of the industry the business will use the porter five forces analysis. Threats of new entrants:The cosmetic industry have the low threat of entrants because of the huge cost of entry and unique product’s developments require the lot of resources. Bargaining power of customers:In the cosmetics industry, there are high power of bargaining because of the high competition and availabilities of various products of beauty and cosmetic products. Bargaining power of suppliers:In the cosmetics products, there are low bargaining power of suppliers because suppliers have high bargaining power to change and manipulate the price of products and this strategy are illegal. Threats of substitutes:There are threats of substitutes if the same products are launch by the competitors in market. Competitive rivalry:Company can face the large number of competition in market because there are many competitors in the market.
VISION OF COMPANY The company will be offering thewomenworldwidethe bestofcosmetic modernizationintermsof herbal quality and safety to satisfying customers and all thebeautyneedsin customer’s infinite diversity.
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CONCLUSION As the conclusion, the glam care is offer the herbal beauty and cosmetic products to customers with varieties of products items This report discussed the porter five forces and STP analysis for find out the potential market opportunities. This report also elaborated the PESTLE analysis forfeasibilities study and determine the vision of company.
REFERENCES Almeida, F. and Santos, J.D., 2018. Annex I–Porter Five Forces. Bocken, N. and Snihur, Y., 2020. Lean Startup and the business model: Experimenting for novelty and impact.Long Range Planning, 53(4), p.101953. Bruijl, D. and Gerard, H.T., 2018. The relevance of Porter's five forces in today's innovative and changing business environment.Available at SSRN 3192207.