Motivational Factors and Feasibility Study for Introducing Herbal Skin Cream by Skin Plush

This report shows the motivational factors of Skin Plush to introduced a new skin care product that is herbal skin cream. The plans and strategies made by the enterprise and also the feasibility studies conducted in order to research about the prices and the market campaign.

Enterprise and
Entrepreneurship
SKIN PLUSH

EXECUTIVE SUMMARY
 This report shows the motivational factors of Skin Plush to introduced
a new skin care product that is herbal skin cream . The plans and
strategies made by the enterprise and also the feasibility studies
conducted in order to research about the prices and the market
campaign.
 The report also shows the details of the product or services to be
offered to the customers. The attractive features of the herbal skin
cream such as its packaging, price and the quality.
 It also shows the market opportunities that can be recognized or
identified by the firm in order to achieve the competitive advantage.

Table of Contents
 INTRODUCTION
 Mission-
 Vision-
 Culture-
 Company's description-
 PESTLE ANALYSIS:
 SWOT ANALYSIS:
 Motivation for choice of business-
 The process to generate this business idea-
 Feasibility studies conducted-
 Details of the product and services-
 Potential market opportunities-
 PORTER'S FIVE FORCE ANALYSIS:
 Attractiveness of the industry-
 Vision for next five years-
 CONCLUSION
 REFERENCES

INTRODUCTION
 An enterprise always tries to find new business opportunities and
apply them to earn profit. An entrepreneur is a person who takes the
risk to start a new business (Drobyazko and et.al., 2019).
 The goal of the Skin Plush is to start a new business and introduced
the herbal skin cream product which is home made in the market.
 This report shows the motivation to choose this business and the
process in order to generate this idea.

MISSION , VISION AND CULTURE
 Mission-
 The mission of Skin Plush will be to provide its customers with
home made herbal skin care products. With the aim of sustainable
development and providing quality products and services to its
consumers.
 Vision-
 The vision of Skin Plush will be to become the number one in
providing home made skincare products in the relevant markets and
categories.
 Culture-
 Skin Plush will shape its corporate culture on four core values that
will act as guiding light and will ensure consistency across the business

COMPANY DESCRIPTION
 Skin Plush will be a herbal skin
care beauty products and
personal care products company.
 The head quarters of the
company will be located in
London, UK.
 The company will be specialising
in selling home made herbal skin
products. That is hand
moisturiser cream that will treat
to prevent dryness, roughness
and scaliness.
 It will be totally a hand made
product with all the nutrients
and without any chemicals.

Contd..
PESTLE ANALYSIS
 POLITCAL FACTORS
There are various components that may be affecting the efficiency and continuance of the
organisation . With the impact of Brexit on the UK economy, it may influence the business in a negative
way with the new tax reforms on free movement of goods and services.
 ECONOMIC FACTORS
With the high inflation rate in the UK economy due the Pandemic and low disposable income of
people. It may affect the organisation's profitability.
 SOCIAL FACTORS
Skin Plush understands and acknowledges it corporate social responsibility and its marketing
strategies formulated are in such a way that caters to the needs of its consumer's with due care and
diligence.
 TECHNOLOGICAL FACTORS
Skin Plush will be using advanced technology such as artificial intelligence and Chatbot's for
providing its customers with higher level of satisfaction which help the company in building customer
loyalty.

Contd…
SWOT ANALYSIS
STRENGTHS
 Strong distribution products.
 Home made herbal products.
WEAKNESSES
 Facing intense competition.
 High raw material costs.
OPPORTUNITIES
 Targeting the markets of emerging economies.
 Opportunity of increasing its market share.
THREATS
 Popularity of other skin care products.
 Fierce marketing from rivals.

MOTIVATION FOR BUSINESS
The motivational factors to choose the business of beauty products and
cosmetic item like herbal skin cream are as follows:
Passion- Passion of a person gave the confidence to take the risk.
Self Reliance- Self reliance refers to the independence to do work as
per the choice of an entrepreneur
Feeling of accomplishment- This plays an important role for the
motivation of an entrepreneur.
Personal Growth- Personal growth is very important factor to become
a successful businessperson.

THE PROCESS TO GENERATE IDEA
PLC analysis help the company to make plans and strategies
according to the market demand. It has four stages such as
introduction, growth, maturity and decline.
 Introduction- The very first step in the PLC process is to
introduced or release the herbal skin cream in the market.
 Growth- It is the second stage of PLC process, during this
stage buyers start using and buying the home made skin
cream
 Maturity- During the maturity stage the sales of the herbal
cream may be dropped because of the high competition in
the market.
 Decline- Company tries to keep the herbal skin cream in
the market but there may be possibilities of the decline of
the product

Feasibility study
Research for pricing
Research for the pricing of the herbal skin cream is based on the new
product pricing strategies such as-
 Price skimming- It refers to the market skimming pricing which means
managing and setting of the prices of the product in order to get maximum
revenues
 Market Penetration Pricing- It is just opposite to price skimming as in this
pricing strategy, instead of realising the product at high prices the enterprise
set a low price for the product in the market.
Research for market campaign
 Market campaign plays an important role for the success of the business. As
through marketing and advertisement the entrepreneur can attract the
customers to buy the product and can achieve the competitive advantage

DETAILS OF PRODUCT
 The product of the enterprise is
herbal skin cream which is also
home made and delivers the
best quality product.
 This cream has all herbal
ingredients and does not have
any chemical so it is the best
skin care product for the
customer.
 The main feature of this product
is that it is a home made cream
and no artificial things are used

POTENTIAL MARKET OPPORTUNITY
PORTER'S FIVE FORCE
ANALYSIS:
 COMPETITIVE RIVALRY- HIGH
 THREAT OF NEW ENTRANTS- LOW
 BARGAINING POWER OF
SUPPLIERS- LOW
 BARGAINING POWER OF BUYERS-
HIGH
 THREAT OF SUBSTITUTES- HIGH

ATTRACTIVENESS OF INDUSTRY
 The attractive features of the Skin Plush
industry is its prices that can easily be
affordable by the customers .
 The enterprise will decide the price after
analysing the situations of the market which
includes new trends and the changing
preferences of the consumers .
 The herbal skin cream is also available online
so that buyers can easily purchase it along
with the free delivery services.

VISION FOR FUTURE
 The vision of the enterprise
for the next five years will be
to make the Skin Plush as a
brand for the customers and
to reach or attract new
customers daily in order to
earn maximum profit.
 The Skin Plush will also want
to expand its business by
opening more stores at
various locations and to have
happy and satisfied customers
globally.

CONCLUSION
 From above discussion, it can be concluded that to start a new
business the analysis of the market situation and trends is very
necessary for an enterprise.
 The analysis includes pricing strategy, marketing strategy, planning,
organising, etc.
 An entrepreneur will go with these strategies and introduced the
product accordingly.
 The vision of the business for the next five years is also concluded.

REFERENCES
Books and journals
 Ahl, H. and Marlow, S., 2021. Exploring the false promise of entrepreneurship through a
postfeminist critique of the enterprise policy discourse in Sweden and the UK. Human
Relations. 74(1). pp.41-68.
 Chatzichristos, G. and Nagopoulos, N., 2020. Social Entrepreneurship and Institutional
Sustainability: Insights from an embedded social enterprise. VOLUNTAS: International
Journal of Voluntary and Nonprofit Organizations. 31(3). pp.484-493.
 Christodoulou, A. and Cullinane, K., 2019. Identifying the main opportunities and
challenges from the implementation of a port energy management system: A
SWOT/PESTLE analysis. Sustainability. 11(21). p.6046.
 Drobyazko, S. and et.al., 2019. Innovative entrepreneurship models in the management
system of enterprise competitiveness. Journal of Entrepreneurship Education. 22(4). pp.1-
6.
 Evans, J.W. and Gabel, A.L., 2020. Legal Entrepreneurship and the Strategic Virtues of
Legal Uncertainty. American Business Law Journal. 57(3). pp.593-646.