Organic Haircare Business Plan: Strategy and Analysis Case Study

Organic Haircare Business Plan: Strategy and Analysis

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The mission statement of the company

The company's mission is to create high-quality organic hair products while adhering to Carrol's CSR model as described in Moon.

Business plan

A business plan is a business document that describes the details of the company's goals and objectives and how it makes plans and strategies to attain goals this business plan also includes the important statements of the company like vision and mission statements, its financial plans, recruitment plan, human resource development plans, etc (McKenzie, 2017). A business plan shows a written direction map for the company from the point of view of marketing, operational, and finance standpoints.

A business plan is a very important document intended for the company's internal and external workforce. For illustration, a business plan is applied by the company to entice investment even before the establishment of the company’s track record.

SWOT Analyses

Porter 5 Analyses

Threat of new entrants:

The threat of new entrants is low in the organic hair care product industry due to high barriers to entry. One such barrier is economies of scale, which is the advantage a larger company has over a smaller one in terms of cost savings. In the hair care industry, larger companies can purchase raw materials in bulk and produce products at a lower cost, making it difficult for new entrants to compete (Obeng, et.al 2016).

Bargaining Power of Suppliers:

The bargaining power of suppliers is moderate in the organic hair care product industry. Many of the ingredients used in organic hair care products are natural and may be sourced from a variety of suppliers.

Bargaining Power of Buyers:

The bargaining power of buyers is high in the organic hair care product industry. With so many brands and products available, customers have a lot of options to choose from. This means that companies must work hard to differentiate themselves and offer products that meet the needs and preferences of their target customers (Jelassi, et.al 2020).

Threat of Substitute Products:

The threat of substitute products is moderate in the organic hair care product industry. While organic hair care products are growing in popularity, there are still many non-organic hair care products on the market. Some customers may not be willing to pay the premium price for organic products and may opt for cheaper, non-organic alternatives.

Competitive Rivalry:

The competitive rivalry in the organic hair care product industry is high. There are many established brands that have loyal customers, and new brands are entering the market all the time. This means that companies must work hard to differentiate themselves and stand out from the competition (Thomassen, et.al 2017).

The theory of entrepreneurship to deliver a strategic level investigation on the business venture

Theories of entrepreneurship

The company is facing challenges and discoveringnew innovative answers to all these challenges. The case company which is a haircare company looks forward to launching new strategies and ideas in the hair care industry; the products of the company are unique and provide its customer with the best products and services (Burns, 2016). The entrepreneurship theories used by the company are as follows:

1. Innovation entrepreneurship theory

This theory of entrepreneurship talks about what makes an entrepreneur different from another businessman in the market in every aspect like finding creative and innovative solutions and having prudence. This theory of entrepreneurship is been discovered by Joseph Alois Schumpeter, who is one the greatest economists, states thatentrepreneurs always look forward to taking the immobile economy to the next level of growth by accumulating innovation and creativity in their idea (Mishra and Zachary, 2015). The company is exercisinginnovation in two ways which are as follows:

• By tumbling the cost of creation and production.

• By growing the demand for confident and specific products (Ferreira, et. al.2019)

The company deals providing customized products to its customer who is based on their hair type, customer has the option to choose a suitable product based on their hair type.

1. Opportunity-based entrepreneurship theory

This theory of entrepreneurship is discovered by Peter Drucker in this theory describes that entrepreneurial creation and innovation is the interrupt force that generates and endures economic growth, in the process of creation and innovation it also extinguishes well-known companies, redesigns industries, and dislocates employment (Amoróset. al. 2019). Under this theory, the company focuses on downsizing unpopular products, and design strategies to increase the efficiency of the company, and looking out for the opportunity in the market.

1. Process of stage entrepreneurship theory

In this theory of entrepreneurship, there are several stages through which a company can focus on the development step by step; following are the step of this theory:

• Simulation - In this level, the situation is assembled for the developmentof the company, by providing several reproductions. Various policy statements are made in the company, detailedstrategies are planned for expansion and development, a huge level of promotion is done, the establishmentof institutions is documented, and the company's development strategies are organized (Kuratko, 2016).

• Identification of Entrepreneurial Abilities and Capacities in the Society - At this stage identification of the company is done and progressive systems are adopted for providing better results to its customer and fulfilling the demand of the market.

• Development and Expansion of Entrepreneurs–in this level of theory, the growth of entrepreneurs is currently being supported by several programs, including mentoring and coaching, technical education, and career counseling schemes.

• Promotion–it is very well known that promotion is an important part of any company and its products, in this stage of the entrepreneurship theory, states about focusing on the promotional activities of the company (Schmitt,et. al. 2018). These promotional activities help in attracting more and more customers, the case company uses various methods of promoting its products like tv-advertising, newspaper ads, magazine advertisements, digital advertisements, etc.

• Follow-Up - In the last stage, follow-up programs, and policies are framed for the company’s development to be considered. This system helps the company to collect feedback from its customers and analyze those feedbacks and make required changes, which are helpful in the needs and demands of customers.

Strategic-level investigation of the business

A strategic level investigation of a business involves a comprehensive analysis of various aspects of the venture to determine its viability and potential for success (Anderson, 2015). This investigation considers the following key areas:

• Market Analysis: A thorough analysis of the market and competition to identify potential opportunities and challenges.

• Financial Analysis: A detailed financial analysis to evaluate the venture's financial viability, including revenue and cost projections, cash flow analysis, and return on investment.

• Organizational Structure: An assessment of the venture's organizational structure, including the management team, governance structheorywhichture, and operational processes (North and Kumta, 2018).

• Risk Assessment: Identification and evaluation of potential risks that could impact the venture's success, including legal, regulatory, and economic risks (Shaabanand Alhajri, 2020).

• Marketing and Sales Strategy: A review of the venture's marketing and sales strategy, including target market identification, product positioning, and pricing strategy.

• Technology and Innovation: An assessment of the venture's technology and innovation strategy, including intellectual property protection, research and development, and competitive advantage.

• Sustainability: An evaluation of the venture's environmental, social, and governance (ESG) practices and policies to ensure long-term sustainability.

• Exit Strategy: An analysis of potential exit strategies for investors and the company, including acquisition, merger, or IPO.

Critical evaluation of the business’s environment providing information to support decisions appropriate to the success of the venture

The critical evaluation is essential for businesses to identify opportunities and threats, and make informed decisions for the company to achieve their goals. Here are some factors to consider in a critical evaluation of abusiness's environment of the case company:

• Internal Factors: These include the business's strengths and weaknesses, which are its organizational structure, management and operational processes. An assessment of these factors can help identify areas for improvement and determine the business's ability to compete in the market which further helps in supporting decision-making for the company, which leads to success (Mohd Noh, 2019).

• External Factors: These include the macro-environmental factors such as economic, political, legal, social, and technological trends that may impact the business. Evaluating these factors can help businesses identify growth opportunities, as well as threats to their operations.

• Competitors: An analysis of competitors is crucial for businesses to understand their position in the market, their competitive advantages and disadvantages, and their potential market share (Han, et. al.2021).

• Customers: Understanding customers' needs, preferences, and behaviors are an essential part of the company, to tailor products and services to meet customer expectations.

• Suppliers and Partners: the company also perform an evaluation of its supplier's and partners' performance which helps the company to manage its supply chain and ensure smooth operations (Zhanget. al. 2021).

• Regulatory and Legal Environment: An assessment of the regulatory and legal environment plays an important role in the decision-making process for the company as a company needs to ensure compliance and avoid legal risks that may impact its operations and revenue.

Identifying areas of risk appropriate to the business sector the venture will operate

One area of risk for the haircare business sector is the potential for changes in consumer preferences and trends (Ahmed Javedand Javed, 2015). For example, if a company primarily sells hair products geared towards straight hair but the trend shifts towards natural, textured hair, the company may struggle to remain competitive.

Another area of risk for the haircare business sector is supply chain disruptions, particularly those caused by natural disasters, pandemics, or geopolitical events. These disruptions can lead to shortages of raw materials or finished products, increased production costs, and delays in product delivery (Khalil, et. al.2019). With the rise of e-commerce and social media, it is easier than ever for new brands to enter the market, making it important for established haircare brands to remain innovative and competitive to retain their market share.

The business plan to review the theory of entrepreneurship

Several skills and qualities are essential for an entrepreneur to succeed in a business venture. Some of them are as follows:

• Creativity and innovation: Entrepreneurs must be able to identify and develop unique and innovative ideas that can set their business apart from the competition (Harrison,et. al. 2018).

• Persistence and resilience: Starting a business is not easy, and there will be many obstacles and setbacks along the way. Entrepreneurs must have the persistence and resilience to keep going, even when things get tough.

• Leadership skills: Entrepreneurs need to be able to inspire and motivate their team to work towards a common goal, and to make tough decisions when necessary.

• Financial management: Entrepreneurs need to have a good understanding of finances and be able to manage budgets, cash flow, and other financial aspects of their business (Lasher, 2016).

• Adaptability and flexibility: Markets and consumer needs can change quickly, so entrepreneurs need to be able to adapt to these changes and pivot their business strategy if necessary (Duchek, 2018).

• Marketing and sales skills: Entrepreneurs must be able to effectively market their products or services and close sales to generate revenue for their business.

• Networking and relationship building: Entrepreneurs need to be able to build relationships with suppliers, customers, investors, and other key stakeholders to help their businesses grow and succeed.

• Time management and organization: Entrepreneurs must be able to prioritize tasks, manage their time effectively, and stay organized to ensure that their business runs smoothly and efficiently.

• Passion and dedication: Finally, entrepreneurs must have a genuine passion for their business and be dedicated to making it a success, even in the face of challenges and obstacles.

Critical understanding of how project management, financial management, decision-making models theory, and applications to the development of the business venture

Role of project management

Project management plays a critical role in the development of a business venture by providing a structured approach to planning, executing, and monitoring project activities. Some reasons why project management is important for the success of a business venture:

• Achieving project goals: Project management ensures that project goals are clearly defined and achievable and that a plan is in place to achieve them. This helps to keep the project on track and focused on achieving the desired outcomes of the company.

• Managing resources: Effective project management helps to ensure that resources, such as people, time, and money, is used efficiently and effectively, and that there is a plan in place to manage any constraints or risks that may arise (Young, 2016).

• Facilitating communication: Project management promotes effective communication among team members, stakeholders, and other key players involved in the project. This helps to ensure that everyone is on the same page and that any issues or concerns are addressed promptly.

• Mitigating risks: Project management helps to identify and mitigate risks that may arise during the project, such as delays, cost overruns, or scope creep (Gardiner, 2017). This helps to minimize the impact of these risks and ensure that the project stays on track.

• Enhancing quality: Project management helps to ensure that project deliverables meet the required quality standards and that there is a process in place to monitor and evaluate quality throughout the project.

Financial management

The various reasons why financial management is important for the success of a business venture:

• Financial planning: Effective financial management helps entrepreneurs to develop a financial plan that identifies the financial resources required for the business venture, as well as the sources of funding and the projected revenue and expenses (Al Breiki, and Nobanee, 2019).

• Resource allocation: Financial management helps entrepreneurs to allocate financial resources effectively and efficiently to achieve the desired outcomes. This includes managing cash flow, making investment decisions, and prioritizing expenditures.

• Risk management: Financial management helps to identify, assess, and manage financial risks that may arise during the business venture. This includes managing financial uncertainties, such as fluctuations in exchange rates, interest rates, and commodity prices.

• Financial reporting: Financial management ensures that financial reports are accurate, timely, and reliable (Pettyet. al. 2015) This includes preparing financial statements, such as income statements, balance sheets, and cash flow statements, and providing financial information to stakeholders, such as investors, lenders, and regulatory agencies.

• Business valuation: Financial management helps to determine the value of the business venture, which is important for attracting investors, obtaining financing, and making strategic decisions, such as mergers and acquisitions.

Decision-making model theory

According to the principle, making important decisions entails using smart decision to actively address a private, corporate, or governmental organisation. There are some reasons why decision-making theory is important for the success of a business venture:

• Identifying alternatives: Decision-making theory helps entrepreneurs to identify and evaluate alternative courses of action, which can help to mitigate risks and maximize opportunities (Rouhaniet. al. 2016).

• Assessing risks and uncertainties: Decision-making theory helps entrepreneurs to assess the risks and uncertainties associated with different courses of action, and to make informed decisions based on the likelihood of different outcomes.

• Considering trade-offs: Decision-making theory helps entrepreneurs to consider the trade-offs associated with different decisions, such as the costs versus the benefits, or the short-term versus the long-term consequences (Ortlieb and Weiss, 2020).

• Involving stakeholders: Decision-making theory emphasizes the importance of involving stakeholders in the decision-making process, such as employees, customers, suppliers, and investors (Black, 2019).This can help to ensure that decisions are aligned with the interests of all stakeholders.

• Evaluating outcomes: Decision-making theory emphasizes the importance of evaluating the outcomes of decisions and making adjustments as necessary to improve future decision-making (Yang, M. and Gabrielsson, P., 2017. Entrepreneurial marketing of international high-tech business-to-business new ventures: A decision-making process perspective. Industrial Marketing Management, 64, pp.147-160).

Deliver a critical appraisal of the business venture's planned development about the business industry/sector it is to operate

The haircare industry is a large and competitive market that includes a variety of products such as shampoos, conditioners, styling products, hair colour, and hair treatments. The industry is constantly evolving, with new trends and technologies emerging regularly, such as the use of natural and organic ingredients and innovative packaging solutions (Sharpe, 2019). One potential advantage for a business venture in the haircare industry is the increasing consumer interest in health and wellness, which has led to a growing demand for products that promote healthy hair and scalp. Additionally, the rise of e-commerce and social media platforms has made it easier for haircare businesses to market their products and reach a wider audience.

However, there are also potential challenges that a business venture may face in the haircare industry. One significant challenge is the level of competition in the market. Large established brands dominate the market, making it difficult for new entrants to gain a foothold (Isaac and Persad, 2019). Additionally, there is a risk of product saturation, where there are too many similar products available, making it difficult for a new business venture to differentiate it and attract customers.Another potential challenge is the need for constant innovation and keeping up with the latest trends and technologies in the industry (Blackwell, 2017). Consumers are often drawn to new and innovative products, and failing to keep up with these trends can lead to a decline in sales.

The strategy to be applied to the business venture

Launching a haircare product in the market requires a well-planned strategy that includes market research, brand development, targeted marketing, social media engagement, promotions and discounts, and partnerships with retailers(Bocken,et. al. 2016)). By adopting these strategies, a business venture can increase the likelihood of success for their haircare product in the market which are explained below

• Conduct market research: Conducting market research is an important step in launching a haircare product in the market. This involves identifying customer needs, preferences, and purchasing habits (McDaniel Jrand Gates, 2018.).

• Develop a unique brand identity: Developing a unique brand identity is essential to stand out in a crowded market. This includes creating a distinctive logo, packaging, and marketing materials that differentiate the product from others in the market.

• Identify target audience: Identifying the target audience is crucial for tailoring the product and marketing strategy to meet their specific needs (Alvi, 2016). For instance, a haircare product targeted at older women may have different features and benefits than one targeted at younger women.

• Use social media: Social media platforms such as Instagram, Facebook, and Twitter can be used to build a strong online presence and engage with potential customers (Arnaboldi and Coget, 2016). The use of influencers can also help to reach a wider audience and build credibility for the product.

• Offer promotions and discounts: Offering promotions and discounts can help to generate interest in the product and encourage customers to try it. For instance, a buy-one-get-one-free promotion or a discount code can incentivize customers to make a purchase.

• Partner with retailers: Partnering with retailers can help to increase the visibility of the product and make it more easily accessible to customers. This can include both online retailers and brick-and-mortar stores (Ramanathan, et.al 2021).

The risk associated with the product launch

The risks associated with the launch of a new haircare product:

• Market Risk: There is always a risk that the market for the product may not be as large as anticipated, or that the product may not meet customer needs and preferences (Najafi-Tavaniet. al. 2018).

• Competitive Risk: The haircare industry is highly competitive, and there may be established brands that are already popular with customers. It can be difficult for a new product to compete with established brands and gain market share (Baxter, 2018).

• Manufacturing Risk: There is a risk that the manufacturing process for the product may not be efficient or cost-effective, or that quality control issues may arise during production.

• Distribution Risk: There is a risk that the product may not be distributed effectively, or that retailers may not be willing to carry the product (Chang, and Taylor, 2016).

• Financial Risk: Launching a new product involves a significant financial investment, and there is a risk that the product may not generate sufficient revenue to cover the costs of development and launch (Cooper, 2019).

• Legal Risk: There is a risk of legal issues arising, such as intellectual property disputes or claims of false advertising.

Financial management skills by incorporating cash flows projection

Cash flow projection is an important tool for financial management, as it can help individuals and businesses make informed decisions about spending and investing.

• Budgeting: Cash flow projection can help individuals and businesses create a realistic budget based on their expected income and expenses. By projecting cash inflows and outflows, they can identify potential cash shortages and adjust their budget accordingly (Wahlen, et. al.2022).

• Investment decisions: Cash flow projection can help individuals and businesses make informed investment decisions by projecting the expected return on investment and the cash flow required to finance the investment (Dirman, 2020).

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Conclusion

The report concludes that the strategic level investigation should provide a comprehensive understanding of the venture's strengths, weaknesses, opportunities, and threats, and help inform decision-making related to investment and growth strategies. The report highlights the critical evaluation of a business's environment involves analyzing the internal and external factors that may impact its success or failure. Financial management plays a critical role in the development of a business venture by providing a framework for planning, monitoring, and controlling the financial resources of the business. The key feature of the report includes the theory of decision-making describes how intelligent people might need to act in difficult and confusing situations. The report explains the Decision-making theory which plays an important role in the development of a business venture by providing a framework for making informed and rational decisions.

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