Explore this Free Assignment Sample on BUMAN303A Creation Assessment Task 1 to examine entrepreneurial opportunities, sustainability strategies, and market research insights. Get expert Online Assignment Help for Business, Entrepreneurship, and Management assessments from skilled academic professionals.
Introduction: Entrepreneurial Opportunity and Sustainable Salon Strategy
BeautyIn, an organic beauty salon, will be located in the UK, aiming to achieve the maximum market share. The business will focus on using plant-based extracts and essential oils in its products (Ourahmoune and Jurdi, 2021). The firm is focusing on using the sustainable products by supporting fair trade practices within the country while offering services to the customers. These ingredients provide various benefits for the skin and also have less impact on the environment.
Entrepreneurial Opportunity Description
There is a rising demand for natural skincare products in the market. The market for natural beauty salons is anticipated to grow at a CAGR of 6.8% by the year 2030 (Natural Skin Care Products market size, 2024). The major element driving market expansion is the rising preference for natural skincare products due to outbreaks as well as discomfort caused by synthetic cosmetics. There is a rising demand for natural organic ingredients in the salon. This will present opportunities for BeautyIn for the market expansion as well as diversification. Exploring the new geographic customer segments as well as marketing channels, BeautyIn taps into the emerging markets of shifting customer pReferences for sustainable beauty salons.
I have analysed that the increasing demand for non-toxic as well as environmentally friendly products has underscored the significance of embracing sustainability. The natural market is witnessing rising development as well as opting for the natural raw materials, which will enhance the company’s position as an eco-conscious choice (Tagesse et al., 2021). By focusing on ingredient transparency, efficiency and sustainability, BeautyIn can meet customer needs and create a more sustainable future in the organic beauty salon.
Scope Of External Resource Analysis And Business Plan
In my investigation, the organic beauty salon is experiencing major development due to the various external factors. Technological advancement has led to the growth of the innovative organic beauty salon, which caters to the diverse needs of customers. Government programmes are promoting sustainability, which will accelerate the demand for eco-friendly organic beauty salons in the community. Investment in research and development has enhanced the product quality as well as performance, which will help expand the product in the international markets. There is also a rising awareness regarding environmental sustainability, which drives the implementation of the organic beauty salon. Favourable government programmes, regulations and policies are encouraging the use of natural and organic products in the salon (Baden and Whitehorn, 2020). This includes subsidies for renewable energy as well as a carbon pricing mechanism, which drives market growth.
An operational marketing plan will outline the marketing mix strategy, which helps BeautyIn accomplish the objectives set for the marketing strategy. The strategic marketing will emphasise long-term development as well as value creation for product development and market research, as well as customer segmentation (Gasenko, 2024). The firm will also focus on maintaining the partnership with the key suppliers for the organic products and market entry strategies, as well as potential partnerships in the area.
Major Research Sources
Market research is a systematic approach to collecting and analysing as well and interpreting the data regarding the market, which includes information regarding the demand for organic products by the customers. This will be collected using market surveys, industry reports, competitor analysis, and customer trends analysis.
Data Gaps And Remedies
Market gap is because of the change in customer behaviours, legislation, and technological advancement, as well as industry trends, which led to keeping up with the market.
Mapping Data Sources To Scope
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Data source |
Scope of analysis |
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Industry reports |
Market trends and industry size |
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Academic journals |
Insight into the sustainability and customer needs |
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Primary research |
Localised customer demands and preferences |
Conclusion And Recommendation
In conclusion, the firm needs to focus on technological innovation, which plays a vital role in improving the effectiveness as well as efficiency of the organic beauty salon, which leads to market expansion. It has been evaluated that the demand for the organic beauty salon is driven by the growth, population and shift in customer preferences, which lead to market growth.
- Environmental sustainability: The Firm needs to reduce carbon emissions through the uptake of eco-friendly organic and natural salons.
- Personalised services: Business needs to focus on personalised services according to the needs of the particular customers.
