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Investigating a new product in the market

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You are required to:

Using the research you have undertaken in Assessment Task 1, plan for and introduce the following:

A new beauty product
A piece of equipment
A new service at your workplace
Present your findings in an essay format.

The essay must be between minimum 1200 to a maximum of 1500 words, A4 size, typed, and referenced for information sources. The essay must have numbered pages, and the evidence must be in order as specified below. The information presented can be from the Internet, books, and speciality magazines. The text must be accompanied by photos/diagrams.

You are required to provide the following evidence:

Introduction linking to the Assessment Task 1;
Justify your choice of introducing the respective beauty product, equipment, and service (this is based on market trends, informal client feedback, staff and colleagues feedback, possible opportunities for business development and growth);
Current market competition (your area and general competition from industry);
Strategy/s for marketing and merchandise for your beauty product, equipment, and service (e.g. product and service range, promos, diagrams of displays, labelling, etc), you can include an example of a policy, a diagram, or photos;
Strategy/s for meeting budget and targets (e.g. investment versus profit for a given period of time-estimates), and negotiated arrangements with suppliers
Stock, and equipment needed to minimise adverse effects on profit (e.g. stock limit, deleting unnecessary product lines and obsolete equipment);
Brief plan of staff training policies;
A detailed conclusion as to how successfully you believe this plan will be and projections for future growth;
Potential factors that may stop you to achieve the outcome of this plan;

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