For this week's discussion response, complete the SWOT matrix to highlight the strengths, weaknesses, opportunities, and threats of the company (as approved by the instructor). Each SWOT category should include four items. Use the SWOT matrix template below.
Start with a brief overview of your business: company name and what you are selling (a maximum of 3 sentences).
- Submit the completed SWOT Matrix.
- Discuss the opportunities you identified in your SWOT Matrix to clarify how you can increase your sales by pursuing those opportunities.
Review the link SWOT Analysis: How To With Table and ExampleLinks to an external site. for additional information.
I have included the information for the company that you will use to create the SWOT matrix
BUS599 – Strategic Management
SWOT Matrix
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Strengths 1. 2. 3. 4. |
Weaknesses 1. 2. 3. 4. |
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Opportunities 1. 2. 3. 4. |
Threats 1. 2. 3. 4. |
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Running head: TITLE OF YOUR PAPER
1
For-profit Startup Company
Your Name (First et al.)
Name of School or Institution by
Course Number and Name (for student papers)
Instructor (for student papers)
October 3, 2024
For-profit Startup Company
Company Name
The for-profit will specialize in environmentally friendly personal care products. As a privately owned entity, it aims to deliver a diverse array of personal care items while maintaining high standards of quality and sustainability. Our primary focus is on organic personal care solutions and the promotion of environmental stewardship. In alignment with these objectives, we have chosen the name "Earthly Elegance" for our company, which represents a commitment to a more sustainable business model and resonates with consumers who prioritize eco-conscious choices. The name reflects our mission and the range of products we intend to provide to our target audience.
Product/Service
Earthly Elegance is committed to providing organic personal care products that prioritize positive customer experiences while minimizing environmental impact. Our production will utilize natural, biodegradable raw materials to create these personal care items. Our objective is to deliver the highest quality personal care products within our target market, adapting to the evolving needs and preferences of our customers. We will refrain from making misleading promises to boost demand; instead, we will ensure that customers receive clear and truthful information about the results they can expect from our products. At the outset, the company will introduce the following product offerings:
a) Organic shampoo and conditioner will be offered in a variety of formulations, including options for volumizing, moisturizing, and catering to complex or sensitive scalps.
b) Face wash and body wash will feature an array of formulations tailored to customer preferences and demands. These products will be crafted exclusively from natural raw materials, with a strict prohibition on chemicals. The face wash will be free of foam, ensuring that the skin remains fresh and silky for extended periods. Comprehensive studies on skin types will be conducted to guarantee that our products deliver satisfactory results.3. Natural fragrances derived from fruit and flower extracts will be introduced to enhance the daily experiences of our customers.
c) We will expand our range of personal care accessories to include makeup removers and skin care wipes, aimed at preventing skin issues for our esteemed customers.
d) Natural deodorants will be available in both stick and cream forms, formulated with fruit and flower extracts to provide a refreshing sensation.
The initial product line of our start-up will focus on offering a variety of self-care products. Our objective in developing an extensive range of items is to establish ourselves as the go-to destination for customers seeking personal care solutions. Depending on consumer feedback and sales performance in the first quarter following our launch, we intend to expand our self-care offerings with additional products.
Company’s Mission
The mission of the company is to create luxurious yet affordable self-care solutions that respond to the dynamic needs of consumers. We are dedicated to providing organic products essential for daily use, ensuring that we do not compromise on quality or sustainability. At Earthly Elegance, we view self-care as a pathway to confidence and self-expression. Through comprehensive research, we have blended natural ingredients to develop distinctive personal care products designed to empower individuals and enhance their timeless appeal. In today's market, consumers are increasingly conscious of their choices and prioritize environmental responsibility. Therefore, we are committed to offering sustainably produced organic products that meet both their self-care needs and their desire for environmental stewardship.
Market Size
Our personal care products will be available for purchase online via an e-commerce platform. The global market for personal care and beauty products is projected to attain a value of US$59.3 billion in 2023, with expectations to grow to US$132.7 billion by 2032 (Imarc, 2024). Given the intense competition within this market, we have chosen to distinguish our offerings by focusing on sustainability and organic ingredients.
Initial Capital and Funds
The business, being a privately owned for-profit entity, would primarily rely on the owner's capital for the majority of its investment, with additional funding sourced from investors. The initial capital requirement is set at $400,000.
Facility & Employees
The business will function as an online entity via an e-commerce platform. To facilitate inventory storage and oversee online activities, we will lease an office space. At the outset, we plan to employ a team of 10 individuals, comprising both managers and operators, with the potential to expand the team as necessary in the future.
Equipment
Hardware, including printers and machinery for the production and packaging of personal care items, will be acquired. Additionally, a computer and internet access will be necessary to maintain communication with our customers and team.
References
Imarc. (2024). Online beauty and personal care products market size 2032. https://www.imarcgroup.com/online-beauty-personal-care-products-market#:~:text=The%20global%20online%20beauty%20and,9.1%25%20during%202024%2D2032.