Business name
Orgil Unenbat 9g
Carlos Crifton Crawford
Orchlon international school
Task 1............................................................................................................................................................. 3
1.1 Introduction.............................................................................................................................................. 3
1.3 Identification of enterprise idea.............................................................................................................. 3
1.3.1 Idea 1 (Lip balm)...................................................................................................................................3
Primary research.............................................................................................................................................4
Main findings................................................................................................................................................. 5
SWOT analysis:............................................................................................................................................. 6
Strengths.................................................................................................................................................. 6
Weaknesses.............................................................................................................................................. 6
Opportunities........................................................................................................................................... 6
Threats..................................................................................................................................................... 6
Evaluation...................................................................................................................................................... 6
1.3.2 Idea 2 (Water bottles)............................................................................................................................ 6
Primary research idea 2.................................................................................................................................. 7
Main finding idea 2........................................................................................................................................ 8
Swot analysis..................................................................................................................................................9
Strengths.................................................................................................................................................. 9
Weaknesses.............................................................................................................................................. 9
Opportunities........................................................................................................................................... 9
Threats..................................................................................................................................................... 9
Evaluation...................................................................................................................................................... 9
1.3.3 Project idea 3 (Makeup organizer)........................................................................................................ 9
Main findings idea 3.....................................................................................................................................11
Swot analysis................................................................................................................................................12
Strengths................................................................................................................................................ 12
Weaknesses............................................................................................................................................ 12
Opportunities......................................................................................................................................... 12
Threats................................................................................................................................................... 12
Evaluation.................................................................................................................................................... 12
1.4 Conclusion..............................................................................................................................................12
Task 1
1.1 Introduction
My cousin Tobias and I have brainstormed three exciting potential product ideas for our enterprise: lip
balm, water bottles, and a makeup organizer. Currently, we have not yet decided which idea we want to
pursue, but once we get our surveys, we will be more confident. Once we get our surveys, we will see
how much demand there is, how much competition and how easy it will be to produce. Each idea has its
pros and cons, so once we get our surveys back, we will very carefully pick between the 3 product ideas.
1.3 Identification of enterprise idea
1.3.1 Idea 1 (Lip balm)
Making lip balm was the first business idea we came up with. We hope to create a high-quality lip balm
that provides moisture and protection, and we are also hoping to make a wide variety of scents and flavors
to customize their lip balm. I came up with this idea because I saw that the lip balm market in Mongolia
isn’t very big, and so I thought there wouldn’t be much competition. And my brother told me that lip balm
sold well a couple of years back, which made me even more confident.
Primary research
Graph 1
This shows what we need to focus on
70% Moisturizing effect
16.7% Flavor and scent
3.3% Brand scent how well it works
3.3% Price
3.3% All of the above
3.3% Others
Graph 2
This helps us pick which lip balm is best to sell
37.9% Organic
31% Flavored
10.3% Hemp oil
10.3% Plumping
6.9% SPF
3.4% moisturizing and adds color
Graph 3
This shows how much we should sell this item for.
60% 0-10lk₮
33.3% 10-20k₮
3.3% 20-30k₮
3.3% 30k₮+
Main findings
The first graph showed us that the most important factor is moisturizing effect with 70% showing
highlighting that we need to focus on moisturizing effect .16.7% chose flavor and scents while price has
3.3% which is the same as all of the above which got 3.3% also packaging design and brand got 0%
overall this shows we have to focus on moisturizing effect
The second graph shows that we should mainly aim for organic and flavored, which both had 35.3%
while hemp oil had 17.6 and plumping had 11.8 and also SPF had 0%
Graph 3 shows price and majority picked 0-10k followed by 10-20k then 20k-30k and 30k+ are tied up.
SWOT analysis:
Strengths Weaknesses
● High demand
● Oversaturated
● Consumable
● Narrow profit margins
● Cheap pricing
● Short product lifespan
● Large selection
● Limited scalability
Opportunities Threats
Demand for skincare increasing Competition from existing brands
Customizable Options Low loyalty
Targeting specific consumers Trends can change quickly
Expanding into new markets
Evaluation
Lip balm is my favorite idea from the three and for me seems very promising, especially because of the
raising demand. It's also good because people use lip balm daily, whether they use it for hydration or just
a part of their skincare routine. With the demand for lip balm increasing, it has the potential to reach a
wide range of audiences.
However, despite these positives the lip balm market is very saturated with lots of big names controlling
the market, although most lip balm in Mongolia is sourced from different countries but still it is going to
be challenging to stand out additionally It's hard to scale up because of the low profit margins
In conclusion, because of the competitive market and narrow profit margins, this idea is very risky but if
we do this idea, we will need to find a way to stand out.
1.3.2 Idea 2 (Water bottles)
Water bottles were our second idea, this is also my second favorite idea. I came up with the idea after
noticing that barely anyone in my classes had water bottles. Our goal is to make a durable, stylish and
hopefully affordable water bottle. We will also try to make it customizable, so customers can express
themselves.
Primary research idea 2
Graph 1
This shows us the market
42.9% Maybe
28.6% Yes
28.6% No
Graph 2
This shows if we should use customizable bottles or not
68% Yes
32% No
Graph3
0-15k₮
10-20k₮
20-30k₮
30k₮ and more
PS:this part of the survey wasn't made by me and the purple section was our friend from Europe
Main finding idea 2
As you can see from graph 1 42.9% of people said maybe but yes had 28.6% which was the same as no
which also had 28.6% but since there is a majority in maybe we might be able to convince them to turn
from potential customers to actual buyers
Graph 2 shows that 68% of responders are interested in customizable water bottles, which also shows a
strong indication that personalization is a good feature for our target audience. Only 32% of people are
not interested in customization, which gives us more confidence to use customizable features
Graph 3 helps us see what price we should sell at the largest group (49%) is willing to pay
10-20k followed by 28% who would pay between 20-30k. Only 8% are interested in 0-15k and
12% is willing to pay over 30k
The most pick option aka 10-20k is the most popular, I do not know if we can sell that cheap,
SWOT analysis
Strengths Weaknesses
● High demand
● Highly competitive market
● High-quality and durable product
● Balancing cost and quality is challenging
● Affordable pricing compared to premium brands
● Dependence on third-party manufacturers
● Wide variety
● Storage and transportation can be costly
Opportunities Threats
Growing demand for reusable and eco-friendly Price sensitivity
products Market saturation
Customizable Options Shipping or manufacturing delays
High interest in customization
Social media marketing (Facebook/Instagram)
could affect a lot
Evaluation
For me, water bottles seem like a very promising idea with lots of potential especially due to the growing
demand for eco-friendly and customizable designs. Which could make the products stand out and appeal
to a wide customer base, and due to social apps like Instagram and Facebook, marketing will be easier.
However, there are some challenges to look over the water bottle market is highly competitive
Balancing cost with quality is also a key challenge, as consumers expect durable and stylish products,
which could increase production costs. Also, shipping and storage expenses will affect the profit margins,
but if we plan carefully and effectively, this idea has a high chance of working.
1.3.3 Project idea 3 (Makeup organizer)
Makeup organizer was our third and final idea, We came up with it because my teammate was in a
different country and thought it might sell well. A lot of people find it hard to keep their makeup
organized, which is why we decided to create a practical and stylish makeup organizer without it being
too expensive. We are hoping to create a wide variety of sizes so it can match consumers' needs.
Graph 1
This shows us the gap in the market.
Graph 2
This shows how big we should make it
41.2% Medium
35.3% Large
11.8% Small
5.9% Guy
5.9% I don't know
Graph 3
This shows how much we should sell it at
35.3% 0-10k
29.4% 15-20k
23.5% 20-30k
11.8% 30k+
Main findings idea 3
From what I saw from graph 1, the biggest frustration is how makeup storage gets messy quickly (41.7%)
another 17.6% struggle with finding products, while 11.8% think that it takes up too much space. This
shows that they want an organized and accessible way to store makeup. Some mentioned concerns about
price.
When it comes to size a most people wanted a medium-sized makeup organizer (41.2%)
The results indicate that 35.3% of individuals prefer a large makeup organizer, reflecting their desire for
ample storage space for their products without the burden of bulkiness. The least popular, one small sized
makeup organizer (11.8), which shows that most people want something spacious but also compact.
As for pricing, 35.3% are willing to spend 0-10k but 29.4% are comfortable paying 15-20k, this shows
that affordability is important
SWOT analysis
Strengths Weaknesses
● Solves a common problem
● Price sensitivity
● Variety of sizes
● Balancing affordability and quality could
● Durable and Long-Lasting
be challenging
● Appeals to a wide audience
● Competition from existing storage
solutions
● Storage and transportation can be costly
Opportunities Threats
High demand for better organization solutions Large brands could be strong competitors.
Customization options Manufacturing or shipping delays could slow
Growing beauty industry production.
Eco-Friendly Materials Customers may opt for cheaper, non-specialized
storage alternatives.
Evaluation
Personally, I believe that makeup organizers aren’t the best idea, but it has a lot of potential, especially
since there is a growing demand for a better way to store and organize makeup. A product like this could
attract a wide variety of customers, plus offering customizable options could make us stand out in the
market, but customization will lead to higher production costs which is already a problem because in the
survey majority picked the cheapest option and that's going to make it hard to balance costs and quality.
Makeup organizer is my least liked idea due to a number of reasons, but it does a have a very high
potential.
1.4 Conclusion
After looking at all of our ideas, lip balm is my personal favorite because of its high demand and daily
use, but there is a lot of competition and profit margins are small. Water bottles could do.
Amongst all of our ideas, lip balm is my personal favorite because of its high demand and daily use, but
the problem is that there is a lot of competition and profit margins are small. Water bottles could do very
well, with customization and other things, but the market is tough, and production costs could be high.
Makeup organizers solve a common problem, but with people preferring lower prices, making a profit
will be hard.
In the end, everything comes with risks, but with an excellent strategy, we can make it work. The key
objectives are to ensure the product stands out in the market, remains affordable, and maintains
exceptional quality.
Appendix
Task 2 by Orgil Unenbat
Carlos Clifton Crawford
Orchlon international school
Task 2a 3
2.1 Identifying the best project idea 3
2.2 Managing marketing 3
2.3 Picking the flavor and scents 3
2.4 Conclusion 4
Task 2b 4
2.5 Introduction 4
2.6 Methods of marketing 5
Method 1 social media 5
Pros of marketing with social media 5
Cons of marketing with social media 5
Method 2 word of mouth 5
Pros of word of mouth 5
Cons of word of mouth 5
Method 3 billboard 5
Pros of using billboards 5
Cons of using billboards 6
2.7 Conclusion 6
2.8 Appendix 6
Potential billboard mockups 1 6
Potential billboard mockup 2 7
Action plan 7
Task 2a
2.1 Identifying the best project idea
Picking the right business idea involves finding a balance between demand, practicality and
profit. For our project, we first thought about selling water bottles, but we realized that the
market would be too harsh for a new company. Due to existing competition, high shipping costs
and would be harder to make a profit in general. With these challenges in mind, we decided to
look for a better option to reduce the risk of making a bad choice . We shifted our focus to a
product that would appeal to our target market (teenagers). After a little research, we landed on
lip balm, which seemed easy to make and sell. To make sure lip balm would be a good fit, my
team and I conducted surveys to learn more about our target audience, for example what flavors
they would like or what type of packaging they would like. This feedback helped us out a lot. It
made us more confident in picking lip balm. By choosing lip balm .we found a product that
would be simple to create, broad appeal and can be sold regularly. Making it profitable and
practical.
2.2 Managing marketing
Social media is one of the easiest ways to promote your business. But it still has its fair share of
problems. One of the options we considered was setting up a dedicated account for just our
enterprise. The problem is that we would have to build a following from nothing, especially with
a limited amount of time, it's going to make it hard for us because we have to get people to notice
our posts and interact with our page. If no one sees or interacts with our page, it defeats the
whole purpose of using social media for marketing. One way to get around this is to stay active
on the account by posting regularly. This could be photos, behind the scenes, videos or even
polls and countdowns . If we do it consistently. We will be able to build our audience and keep
them engaged. Another strategy is to use our personal or pre-existing accounts to spread the
word. Since we already had followers on this account, mainly friends and classmates. So if we
start promoting our business there, it's going to be easier to get attention. We can post about our
lip balm and share updates. Since we know the people directly, we could be able to get quick
feedback and responses
2.3 Picking the flavor and scents
Choosing the right flavor for our lip balm is very essential to make sure products sells well.
Since our main target audience is teenagers/high school students. We need to make sure to offer
flavors and scents that these teenagers/high school students would actually enjoy. If we choose a
bad flavor, the people might not buy from us. Which would lead to low sales and wasted
products. To prevent this, we need to look at our survey. Our survey showed us that most
students wanted a fruity or sweet lip balm, with unscented in third place. For example, in this
scenario scents like tropical fruit, vanilla or strawberry could work very well but at the same time
not everyone has the same taste. So just in case, we can add other flavors like woody or minty
scented/flavored lip balms.
This will help us reach a wider audience. One small risk that comes with that is. Since we are
trying to reach a wider audience. We will most likely end up with extra stock on the less popular
flavors and scents. To reduce the risk, we can order each flavor in a small quantity. This way we
can see which flavors and scents would do well and which ones would not. We will closely
monitor which flavors sell the fastest by keeping a sales tracker. This can help us see whether we
should stop ordering or order more of a certain product. We will also ask for feedback from
customers to learn what flavors we should get in the future
2.4 Conclusion
In this group project, some of my roles include helping choose the final product, analyzing
survey results and helping with the marketing. So far this project has helped me understand the
importance of research, planning and teamwork. We have made progress selecting a suitable
project, identifying customer preferences and selecting a marketing strategy. While things have
gone mostly smoothly, I have noticed that there were some things we could improve on
especially with procrastination me and my teammate both have bad time management and as this
project goes on we hope to improve on these things.
Task 2b
2.5 Introduction
We are a 2-person group, and I am the one in charge of marketing. Marketing is, one of the most
important parts of business. And my cousin is in charge of finance which is also very important
2.6 Methods of marketing
Method 1 social media
Pros of marketing with social media
Advertising using social media has a lot of benefits. Social media was actually the first
marketing idea I thought of, it is also very popular. The benefits can include cheap, fast and can
reach a wider audience, but you can also target certain age group or demographics, in our case
teenagers.
The apps we could potentially advertise on has billions of daily users like Instagram, Facebook
and TikTok. I am going to try to respond to the comment as much as I can but at the same time I
am the only one working on marketing in my team, but if I manage to reply to the comment we
can get faster feedback and get to connect with our audience more.
Cons of marketing with social media
Personally I think advertising with social media is the best, but it still has its fair share of
disadvantages like responding to comments can take a lot of time since I am by myself. It is also
going to be hard to gain a following since the account is most likely going to be new and that
causes us to reach a less wide audience.
Method 2 word of mouth
Pros of word of mouth
Word of mouth is also an excellent way to market your business, especially if you are a small
business because it is free and feels more trustworthy. When someone gets recommended
something to buy a random person, they probably won't do it, but if your friends and or family
recommend it to you. You are more likely to try it and this can help you build a good reputation
Cons of word of mouth
The downside of word of mouth could be that you can't control it, and by that I mean you can't
control what people say, especially if they are saying bad stuff about you. Word of mouth won't
work if people don't spread it, and that can be hard for small businesses.
Method 3 billboard
Pros of using billboards
Billboards are a very popular source of advertising and is very good if you are a big company.
Billboards can get a lot of attention if you put it in populated areas like big malls or in a big
cross-section on the road. They are big and hard to miss and can reach a wide audience, another
positive is that once you put it up it has low maintenance
Cons of using billboards
Billboards are not that good, especially if you are a small business because they are very pricey,
and you can't choose who sees them. Most likely people will just take one glance and then forget
about it.
2.7 Conclusion
Overall, each marketing method has its own strengths and weaknesses. In my opinion, social
media is probably the best because it's cheap, fast and reliable. Word of mouth is also great
because it is free and makes it feel more personal, but we can't rely on people to just talk about
our product. The one we are least likely to do is billboard, but they are good for visibility, but at
the same time, they are too expensive for us. I think our best idea is using social media and word
of mouth at the same time because this will be able to grow our business without spending too
much money
2.8 Appendix
Potential billboard mockups 1
Potential billboard mockup 2
Action plan
