Beauty and personal care (skincare)
Description
Assignment #2 – Instructions Conduct a feasibility and competitive analysis to ascertain the viability of your proposed new small business venture and determine if it will have sufficient likelihood of success. Write a 4–6 single-spaced pages report that: (1) analyzes the macro environment affecting your venture’s industry, (2) specifies the value proposition, (3) identifies the main customer segments, and (4) conducts a competitive analysis for your new venture. Paper must cover the following: (1) Macro Environment Analysis (1.5 pages minimum) Determine how attractive the industry is/will be in which your new venture will operate. Identify opportunities, threats, and risks. Evaluate potential niche(s) in the industry your new venture can profitably focus on. Cover at least 4 of these factors: Economic forces Socio-cultural forces Technological forces Demographic forces Political and legal forces Global forces (2) Value Proposition (1 page minimum) Explain why customers will purchase your product(s) or service(s). Are you providing new value or solving a problem for your customers? Are you helping them save money or time? etc.. Questions to consider: Will the product or service provide new or unique designs, features, or functionality? Will the product or service improve the lives of your customers or save them time? Will the product or service solve a particular problem that customers currently face? Will the product or service add value to existing product/service? Will the product or service optimize resources or reduce waste? (3) Main Customer Segments (1 page minimum) Identify at least two (2) different main customer segments. What is the key target market? What are the main customer segments? What are the demographic characteristics of each customer segment? (4) Competitive Analysis (1.5 pages minimum) Identify direct competitors. What differentiation strategies will address direct competitors? Identify indirect competitors What differentiation strategies will address indirect competitors? Consider potential threat of new entrants in your industry
