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unit 3 Enterprise in the Business World assignment 1
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In this assignment i am going to write about my business idea and i am also going toshow how this business is suitable in manchester.
My business will be a cosmetic store which sells products (skin care) targeted at the
customers who have dry, sensitive skin and damaged skin.
The products which we are going to sell are made by less chemicals.
For the current target market this will be one of the suitable idea as many women's
have skin allergies, sensitive or dry skin so it is very difficult for them to find cosmetic
products for themselves therefore this will increase the demand of the products as
not many alternatives are available for the customers.
The products will be targeting demographic factors therefore it will only available for
females who are 16+ especially targeted at the young girls. Our company will give
35% discount vouchers in the first week of the business opening therefore this will
attract more customers and encourage them to come and have a try of our newly
launched cosmetic products. therefore more products such as face creams will get
sold which will increase the revenue of the business therefore it helps the business
to survive as every newly started businesses aim is survival and then in future it will
allow us to expand if we manage to attain customers through these vouchers, for
example we can use the retained profit to hire more staff therefore the productivity
will increase leading to a better customer service,also i could add a room for nail
salon and spa to differentiate the service given to customers from our rivals such as
Olay therefore it satisfies the customers demand however it depends on if the
business gets able of attracting customers.
For the testing my team is going to gather qualitative data by conducting a primary
research through asking people what type of skin do they have? and if they have
any of these three skin types (dry , sensitive or damaged) then they will be given a
free product to try by their choice afterwards they will be asked to give their email
address therefore they can receive information about new products, offers and
discount also, my team will also give our email address so that they can give
feedback and reviews about the products this will be helpful for my business to
develop products, so if the products are faulty we can change it based on the
demand of customers and by and we can use the positive feedback to show to our
new customers in order to attain their trust and we will also give medicated creams in
case they get any bad reaction from our products , this is beneficial for my business
as it will prevent us from having a bad reputation and it will also show the customers
that our company is different than other businesses as we are very careful when
making products this adds value to our service and will attract further customers
towards my business as they know that we make products which are safe for their
skin type. If a customer buys multiple times from our business they will receive a gift
pack for repeat purchase this gift pack includes many different types of products
such as makeup,this will lead to a better reputation of our business and will make it
more likely for our business to survive.
, In order to target geographic factors I need to buy a store on rent in intu Trafford
Centre which would be quite expensive as its a highly visited centre and one of the
best tourist attractions in Manchester therefore it will more likely that we will find
many walk in customers, the cosmetic store is going to be built in intu Trafford
Centre, this is a good location for my business because intu Trafford Centre is one
of the biggest shopping centres in Manchester and is also very famous and many
famous brands sell their products there for example Zara, Debenhams, Boots and
many others , therefore there will be more customers, particularly young women and
girls. Building my cosmetic store in Trafford Center means having high chances for
my business to survive and succeed.However, to start this business it will be
expensive as my business is going to be in trafford centre and to buy a shop for rent
in trafford centre is more expensive than other locations in Manchester such as
longsight, because is a huge and one of the most known shopping center however
the fact that most of our rivals are based in trafford may lead to a loss of customers
as customers may only buy from other shops such as boots as those are more
known to them and we are new in the market therefore there is a risk of losing
customers.Building a business in trafford center is more likely to be succeed
because trafford center is one of the famous shopping center and they also known
as one of the best shopping centers as 99% of the stores in trafford center sell really
good quality products whether is food, clothes, cosmetics or anything else so
customer will be less concerned about the products and they will come for testing it
easily as they will know that most of shops in Trafford are based there for their
reputation of selling high quality products.However my business will have some
barriers at the start for example high levels of competition because trafford center
already has make up stores who sell famous brands cosmetic products for normal
skin and dry skin, for example Kiko, Superdrug therefore my company will have to
work hard in order to gain customers, and their trust so they buy products from our
business and we reach the breakeven point as soon as possible.To do this we will
need to take advice from skin specialist and write on the product the ingredients
included also we will be informing customers that we make products by specialist
skin carers advices in order to make them feel safer when using products as some
customers may be concerned about the unhealthy chemicals used to prevent dry
skin, so they will be trustworthy for our products as they will know that if the
specialist has given some advice to reduce the chances of having side effects of the
product.
For my business idea i used a huge cosmetic store which sells make up products
and skin care products only for women and girls who have dry,sensitive, or irritated
skin, for example face wash, foundation, primer and many other things, my business
sells products to young women and girls, from 16 to 30 years old, when the store will
open for the first time my team is going to go around and inside trafford center by
giving leaflets of our store and giving customers information about our products in
order to make them aware of our newly open store and discounts that we offer which
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