BUSINESS PLAN OF GLOWIES BEAUTY: MOISTURIZER PRODUCT
Demand for beauty products is increasing, with the huge population Indonesia’s market presents great opportunities. The desire to be physically attractive influences many Indonesians to consume skincare products on a daily basis. Shifting shopping behaviors from offline to online are also developed,...
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Format: | Final Project |
Language: | Indonesia |
Online Access: | https://digilib.itb.ac.id/gdl/view/75389 |
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Institution: | Institut Teknologi Bandung |
Language: | Indonesia |
Summary: | Demand for beauty products is increasing, with the huge population Indonesia’s market presents great opportunities. The desire to be physically attractive influences many Indonesians to consume skincare products on a daily basis. Shifting shopping behaviors from offline to online are also developed, due to COVID-19 and increased online sales. In Indonesia's 2 largest ecommerce, the beauty & care category has the largest market share in the FMCG category. Due to this rapid growth, there are many enterprises entering the market and there is fierce competition in the beauty industry. Glowies Beauty as one of the beauty brands in Indonesia wants to take advantage of this situation by creating effective strategies, especially for the new moisturizer product they will develop. The purpose of this study is to create a business plan that can be applied by Glowies Beauty and so they have relevant future plans and strategies to compete in this beauty Industry and gain more market share. This business plan research was conducted by doing the company analysis, market analysis including external, internal and competitive analysis that are based on primary and secondary data. Based on the analysis it shows that Glowies has a strong position in the product quality, value and branding, but still lags behind competitors in product diversification, offline and online presence, awareness and market share due to the lack of funds. Glowies Beauty has the opportunity to strengthen its offline and online presence. Glowies Beauty will make a new product which is a moisturizer, as product diversification. To market and distribute the product Glowies Beauty will use digital channels as the main platform and is still supported by offline channels. The marketing strategies that will be used are advertising, endorsement, giveaway, affiliate, live, content creating, online events, reviews and testimonials, PR package, collaborating, bundling, reseller and offline event activation. Glowies Beauty’s moisturizer needs around 3 months preparation and will involve several vendors. This business plan will need Rp1.058.750.000 as the initial capital from owner’s equity and estimated to gain the total of Rp8.969.268.000 revenue with gross profit around 55.03%, operating expenses around 28.6% and total net profit around 26.42% with an amount of Rp2.370.114.560 from July 2023 - May 2024. With the initial investment the owner put for the moisturizer, Glowies Beauty’s payback period is estimated to be around 8.015 months with ROI of 2.24. To get these amounts Glowies Beauty is suggested to keep up with the timeline, pay attention to the product, use as many platforms and tools to gain as much exposure as possible and keep up with the latest trends in the beauty industry. Glowies Beauty still has to take into consider the effectiveness of time and cost in order to generate positive cash flow. |
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