Question

Answer the following questions based on this following business startup idea:

Our business concept is individualized and customized skincare products tailored for each customer. To break this concept down, we would first have our customers take a small online assessment/questionnaire. By doing so, this would give us the information that we would need to create skincare products that are made specifically for each individual customer with ingredients specifically added based on their own skin type, activity levels, sun exposure/time outside, geographical location, what they want to get out of their skin care routine, etc. After creating their products, we would ship them out to them for use, and we could have an ever-evolving skin care routine that would evolve with you. For example, if you were to move, change your activity levels, start getting more sun exposure, you could update your assessment, and we could re-send out the corresponding products with the matching ingredients. This would break the “one-size-fits-all” mentality that many businesses have in the industry because everyone’s skin has their own unique profile and story. Our target market would be geared towards anyone that is unhappy with buying from mass skin care brands, as products aren’t addressing highly specific and personal needs. There’s no “one-size-fits-all” solution for our body’s largest organ -- skin. Everyone’s genetic backgrounds, environments (indoor and out), the hardness of the water you use, the pollution levels of where you geographically live, the levels of UV exposure you are getting are all unique to each customers, and these are all variables that affect everyone’s skin. I feel that our organizational feasibility is high for this concept as well. We would bring on dermatologists, aestheticians – people who are highly knowledgeable when it comes to both skin and science because it’s not only important to see the effects the products can have on the skin, but we also must thoroughly understand the science that goes into the products/ingredients to ensure that each ingredient being added to each customized product is going to be doing what it should and have the effects that it should. Additionally, since this is going to be an online-only based business, we would need people with a background in computers to maintain the website and orders, and then a lab for creating and shipping the products.

ANSWER THE FOLLOWING QUESTIONS:

Address the...

1. Target market attractiveness

2. Market timeliness

3. Any suggestions for improving industry/market feasibility.

Answer 1

1. The target market attractiveness is amazingly females and males within 18-40year old SEC A and B classes since this is differentiated premium and customised products breaking market perception of "One size fits all".
2. Market timelines is absolutely phenomenal at the time when brands are leveraging multiple features however here we see the brand is aggregating best of all worlds and customising products which wasnt available before which can be first mover advantage and generate maximum effectiveness and impacts on efficiency.
3. The biggest suggestion here is to cut down costs on marketing and production and adopt penetrative pricing to cater larger mass and produce econonies of scale which drives down cost. Thus, it is differentiation and cost fochssed strategy simultaneously giving major boost to positive cashflow.