here is the discussion question: Discuss one issue from The Top 10 Mistakes of Entrepreneurs.
Explanation & Answer length: 600 words.
Running head: BUSINESS IDEA 1 Business Idea 03/28/2021 BUSINESS IDEA 2 Eczema Herbal Soap and Moisturizer Eczema is also known as atopic dermatitis. The condition causes discomfort in the people it affects because it causes a lot of itchiness on the skin. The skin forms patches when scratched, and the patches may become wounds because, in severe cases, they bleed. The onset of the disease begins during the childhood phase. It may disappear in some people but may persist in some, and it may continue through adulthood. The good thing is that it cannot be spread through contact, although it is hereditary. It is not scientifically proven what causes the disease.
The business’s idea is to develop an herbal soap to treat the infection and control the patches from appearing on the skin. Our product is herbal; therefore, it is effective when used by eczema patients since it will not react to their skin. All skin types use the herbal soap cab because it is friendly. The business’s idea is to make soap available to all people; it can also be used by those who do not have any skin disease. The medical soap is created to cater to all groups, especially those who do not like scented products. The soap relieves the skin from itching and heals the wounds caused by scratching the skin. The soap is rich in vitamin A and E; the vitamins help heal and strengthen the skin tissues.
The moisturizer helps people who have dried skin to have smooth and healthy skin. It repairs the damaged skin and softens it. It can also remove sunburns and black eyes. This business aims to produce effective products in managing skin problems and boost the self-esteem of affected people. Market Analysis The market analysis conducted shows that the business will have a competitive advantage because the market segment will consume its products. Some of the products made by some BUSINESS IDEA 3 companies are not effective in dealing with acute dermatitis.
Our product provides an opportunity for eczema patients to heal from skin disease. The demographic of our market segment captures children and adults. It also captures those people with other skin-related problems apart from eczema. Our products also meet the needs of the market by helping those with skin problems and dry skin. The market analysis helps our product be competitive with other products in the market; this means that our product will generate profits. The Company also offers consultancy services for our customers to help them know the right product to use in their skins. Marketing Mix The marketing mix to make the business idea a reality is price, promotion, product, and place. Price is the value that is attached to a product. The prices set for our products and services are fair for our customers (Wu, 2018). They can afford our products and get access to our services efficiently.
The products are made in such a way that they can afford our products. The product has been designed in such a way that it will meet the needs of our customers. The business is set-up in an urban center where customers can access the products. The Company has a distribution plan meant to distribute the Company’s products in places that we have not do not have our stores. The distribution is intended to make or products distributed in all states. The Company’s promotion strategy will help our products be known by customers (Castrollion, 2019). It serves as a way of educating ad informing them. The marketing mix will help make the business idea more visual and straightforward. It does a stepping stone to our success. BUSINESS IDEA The marketing mix will help the business plan to be successful if used effectively. Marketing research will also be used in making the idea more real by conducting research and understanding the market well; this will help the business adapt to changes that may pose a challenge to its operations and enable it to survive (Wu, 2018). The research conducted foresees the problems in the market and finds a solution to them.
Developing the product and giving samples to the customers will help the organization gauge their products’ acceptability by customers any changes that can be made of they complain of anything. The business will finance its activities by selling its shares to individuals who will give it capital to start purchasing its technological equipment and setting up its stores within the city. The finances are also to keep the business into entire operation by paying its employees and its suppliers. By effective management of the business’s internal affairs, it will be easy for the organization to maximize the shareholders’ wealth and generate profits for the Company.
It is, therefore, necessary for the business to have sufficient funds when starting up to help it manage its operations. The strategies made by the Company will help the business to be competitive. 4 BUSINESS IDEA 5 References Caroline Castrollion. (2019). Forbes. https://www.forbes.com/sites/carolinecastrillon/2019/12/08/how-to-turn-yourbusiness-idea-into-reality/?sh=3a6c8d813dca Wu, Y. L., & Li, E. Y. (2018). Marketing mix, customer value, and customer loyalty in social commerce: A stimulus-organism-response perspective. Internet Research.
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