The market analysis
One of the most important elements in a business plan is the market analysis. A market analysis is a qualitative and quantitative assessment of a market. It includes data collection and estimation in reference to the market size and value, characteristics of the intended customer base, in-depth evaluation of the competition, barriers to entry, and the regulatory environment. An accurate and detailed market analysis allows entrepreneurs to determine whether the market is sufficiently large to build a sustainable, profitable business. In this assignment, you will complete a market analysis for your proposed organization and create a report that can be included within a business plan.
Instructions
Write a 525-word report that includes the following sections:
Section 1: Business overview, mission, and vision
Section 2: A Market analysis that includes the following components:
Section 3: Recommendation
My proposed organization is a start-up e-commerce business providing organic beauty products to consumers. The mission of the company is to provide high quality natural cosmetics with no synthetic chemicals or ingredients at an affordable price point. We strive to create a safe space for customers that can trust in our products' safety as well as their efficacy. Our vision is to be the leading provider of organic beauty products by providing excellence in customer service, innovative product development, and eco-friendly packaging.
Section 2: A Market Analysis
Target Market – Consumer Demographics & Psychographics
Our target market consists mainly of female millennials (ages 21–35) who are health conscious with disposable income and access to online shopping platforms. Many of these individuals are concerned about their exposure to toxic substances found in skincare/cosmetic items which is why they prefer using natural alternatives instead; additionally they may also have an interest towards sustainable practices associated with these types of businesses too.