Market Analysis Research
Section 1- Business Overview, Mission, and Vision
The intended business in this business plan entails a beauty lounge and bar. Notably, this business will target women as the primary market. Various services will be offered, including hairdressing, manicure, pedicure, and makeup. Market research indicates that the existing businesses that provide such services are insufficient (Abraham et al., 2022). Thus, the business is expected to gain customers and will attempt to maintain their loyalty through differentiated services. The mission and vision of the business will be as follows:
Mission: To provide beauty services in a specialized manner that will boost self-confidence in women.
Vision: The company will anticipate creating a beauty business that will boost women’s confidence regarding their physical and psychological beauty.
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Section 2- Market Analysis
As already identified, the intended business will offer beauty services to women. However, the services will be accompanied by fruitful and positive conversations that will boost women’s confidence. From the market search, women search for beauty services to enhance their appearance. However, this is one thing that has not been offered in the market. According to McCabe et al. (2020), this entails inner beauty, which the company will seek to enhance through positive talks to complement women’s physical beauty. Further, this is expected to win women’s confidence in our business; as a result, we will become competitive and gain a significant market share.
Various factors are considered in the establishment of the new business. One is the demographic composition of the region where the business will be set. It is established that a significant market component entails women aged 18 to 40. They will form the primary target for the business. However, other customers out of this age bracket will also be accommodated. The pricing of the services will be done competitively. Notably, this is another major factor the business will use to establish its position in the market. According to Chaerudin & Syafarudin (2021), offering affordable prices in the market is inevitable regardless of the service offer package. The market research indicates that the intended business will face significant competition since the beauty sector is a free market with numerous competitors. The estimated market size intended to be served will generate revenue of $1,500,000 in the first year of operation. Further, the expected market value is indicated in the table given below:
| Expected Market Value: Excellent beauty lounge and bar | ||||
| Assumptions | Probability p(x) | Units (000) | Average Unit Price ($) | Market value ($000) |
| Pessimistic | 0.3 | 200 | 350 | 70,000 |
| Most Likely | 0.5 | 200 | 450 | 90,000 |
| Optimistic | 0.2 | 200 | 600 | 120,000 |
| Totals | 1 | 600 | 1,400 | 280,000 |
Calculations:
Probability, P(x) must sum to 1.0 (100%)
Market Value = Units × Average Unit Price ($)
Expected Market Value = Market Value × Probability
Section 3- Recommendations
The analysis of the above information informs the recommendation made regarding the opening of the new venture. The business idea is viable for a start, and thus, the new business setting is recommended. However, a further recommendation is made that the business should start in steps. It should start on a small note before expanding to a bigger organization with multiple branches. Notably, this will be a prudent act so that significant losses can be avoided if failures occur.
References
Abraham, J. S. E., Floreto, S. J. L., Pagkalinawan, M. I. B., & Etrata, A. E. (2022). Consumer perception on influencer marketing efforts of brands in the beauty and cosmetics industry. International Journal of Social and Management Studies, 3(2), 105-118.
Chaerudin, S. M., & Syafarudin, A. (2021). The Effect of Product Quality, Service Quality, and Price on Product Purchasing Decisions on Consumer Satisfaction. Ilomata International Journal of Tax and Accounting, 2(1), 61-70.
McCabe, M., de Waal Malefyt, T., & Fabri, A. (2020). Women, makeup, and authenticity: Negotiating embodiment and discourses of beauty. Journal of Consumer Culture, 20(4), 656-677.
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Question 
Purpose
MBA Business Plan component
Context
One of the most important elements in a business plan is the market analysis. A market analysis is a qualitative and quantitative assessment of a market. It includes data collection and estimation in reference to the market size and value, characteristics of the intended customer base, in-depth evaluation of the competition, barriers to entry, and the regulatory environment. An accurate and detailed market analysis allows entrepreneurs to determine whether the market is sufficiently large to build a sustainable, profitable business. In this assignment, you will complete a market analysis for your proposed organization and create a report that can be included within a business plan.
Market Analysis Research
Instructions
Write a 525-word report that includes the following sections:
Section 1: Business overview, mission, and vision
Section 2: A Market analysis that includes the following components:
Section 3: Recommendation
Use the Market Analysis Research document for details on what to include in each section.
Cite references to support your assignment.
Format your citations according to APA guidelines.
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