Business Plan For EPIK Cleansing Solutions

Abstract

The project started with understanding the products of the company and assessing the strengths and weakness of the products when compared to the products in industry. As the products are of superior quality when compared to products in industry, then the research questions were to find the market potential of the product. The next question is how to use this quality advantage as a strategy to enter the market. The secondary research was done to assess the market size and opportunity in the industry. Competitor analysis was done to evaluate the intensity of competition and this also helped in developing the positioning of the product. Research papers were analyzed to understand the constructs which are essential for success of new product in the competitive industry. These 4 constructs were brand image, brand reputation, trust and innovator’s risk. The same were used to prepare a questionnaire for depth interviews and telephonic interviews with the candidates. The results in the primary research helped in understanding the acceptance of the product and consumer behavior towards using the product. The primary research and secondary research results helped in choosing hyperlocal model as distribution channel. The strategy of the company is to be close to customers without competing directly with the competitors. Costing analysis has also been prepared to assess the feasibility of this model.