ACTIVITY 2.1: Product And/or Service Description

Kristine's entrepreneurship project focuses on developing and marketing a tinted lip balm made from natural ingredients like beeswax and coconut oil. The target market is female students aged 15-25 in Oroqueita and Aloran Cities. Kristine estimates a market demand of 3,100 potential customers. Her marketing strategy involves social media advertising emphasizing the product's quality ingredients and affordable price. The lip balm will be sold online with free shipping for orders over 20 units or available for pickup at her store with potential delivery options as well. Pricing will use a cost-plus model aimed at being competitive with other natural lip balm brands in the market.

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ACTIVITY 2.1: Product And/or Service Description

Uploaded by

Kristine Cabahug

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LAS NO. 2 Name: Kristine Gale M.

Cabahug Section: Sincerity Score:

Quarter 1 Teacher: Mrs. Juvenine Valdehueza
Entrepreneurship 10

ACTIVITY 2.1: Product and/or Service Description

Our product Tinted Lip-balm

Product Specification We only use natural and organic ingredient such
as beeswax and coconut oil. We ensure that
product is made in a clean and well sanitized
environment.
Product Description The Tinted lip-balm is packed in a plastic
container. Which consists of 50 grams of product.

Questions Answers
Who are the possible costumers ? Female students around Aloran and Oroqueita City:
roughly around 2500
Indicate the different types of Female cosmetic consumers with various age brackets.
costumers or users of your product
or service
Among all the possible customers Female Students
you have identified, which type of
customers or segment will your
business focus on
Why did you choose to focus on Students are most likely to use our product especially
market segment? that it on trend and it’s price is something that can fit
their budget.
Why do your target costumes need Our product gives two in one use for tinting the lips
your product or service? which is as use as beauty product which our target
costumers is looking for and also gives of the hydration
What specific need in your market the lips needs to stay healthy.
will the product or service address?
Our product serves the demand of the costumers to have
a high quality product that is sold with a budget friendly
price.

Who are your competitors? Local and international cosmetic brands.

How can you compete with your We ensure that we only offer good quality and organic
competitors? lip-balms to our costumers and provide good service.
We also ensure that our products price is at its lowest.
What estimated demand for your According to a poll we made an estimated 3100
product or service? students around Oroqueita and Aloran are willing to
buy the product.
What percentage of the market do 35%
you to penetrate?
ACTIVITY 2.2: Market Description
How can you increase market share We will continue to improve the formulation of our
overtime? product and make other variations.

Also, we will most likely make other cosmetic products

to grow our line.

We thrive to reach other people more people by

advertising and always make sure that our product is at
its lowest price.

Is your market likely to grow? How The use of cosmetic products in this generation is
much? extremely huge and keeps increasing due to the
influence of social media.

ACTIVITY 2.3: Market Strategy

Questions
How will you inform your target We will advertise through social media platforms where
customers about your product? our target costumers would likely see.
What will be the main massage that Our product gives off good quality and is made with
you will communicate in your organic ingredients. The company offers a price that fits
promotional activities? the budget of the consumers, especially the students. We
aim not only to sell this products but also to lift other
women up.

Distribution Strategy
How is your product or service going They could buy our product in our store or they can order
to get to costumer? online which is free shipping if they reach the minimum
order. We can also deliver for nearby orders but with an
extra fee.

What is the contractual relationship Costumers can got their order free shipping if ordered
between you and your target online with a minimum of ten(20) products bought.
costumers?

Pricing Strategy
How will you set the price of your We will have a cost-plus pricing. We will calculate the
product or service? total cost it take to make our product, then adding a
percentage mark-up to determine the final price.
Regardless, we assure that our product’s price is
reasonable and at its lowest.

How does the pricing of your Our product is relatively priced lower than other similar
product or service compare to the product in the market.
market price of similar products and
services?