Entrepreneurial Venture: Allure – An Organic Beauty Brand in Maldives
Instructions
Develop a new entrepreneurial venture idea (idea can be set on anything existing or something absolutely new) for a NEW business. You should explore different products/services/projects when you try to come up with a business idea, and choose a product/project/service that can be introduced to Maldives. While choosing an idea, you are to focus on the impact of environment and social issues and align the business to a social entrepreneurial concept and you need to give logical and rational justification on how it would help elements that fall under social entrepreneurship. You are required to create a comprehensive business plan aimed toward introducing the Product/Project/Services to the Maldives. You should also evaluate the various mechanisms to market and strategies to draw customers into the venture.
Allure: An Organic Beauty Brand in Maldives
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Executive Summary
Maldives is an emerging economy, shifting focuses to non-tourism sectors for risk diversification. Recent market statistics indicate that Maldives plans sustainable efforts to push industrial practices in the country. However, social and environmental developments remain the central focus of government representatives and regulatory authorities. Allure plans to launch its product mix in FY2024 to push Maldives' social entrepreneurship. Allure's operational plan emphasizes becoming a leading organic beauty brand in the Maldives' cosmetic industry. The company will utilize comparative advantages from trading economies like the UAE, India, and China while injecting green procurement practices. The brand will use systematic marketing strategies to chain customer communication exchanges and build sustainable relationships. The brand will use Omnichannel to reach customers using online and offline platforms. Budgeted forecasts incorporate expenses and revenue for Allure's three fiscal periods. Social and environmental compliances are complex in Maldives due to the high dependency on the tourism industry. However, Allure would create an internal culture using the best HR and leadership practices to overcome external gaps, becoming a leading social brand in the Maldives' cosmetic industry.
Table of Contents
Executive Summary. 2
1. Introduction. 4
2. Discussion. 6
2.1 Operations Planning. 6
2.2 Marketing Strategies. 8
2.3 Customer Development Strategies. 10
2.4 Financial Requirements. 11
2.5 Human Resource Planning. 12
3. Conclusion. 13
References. 15
List of Figures & Tables
Figure 1: GDP Trend in Maldives. 4
Figure 2: Maldives - Economic Trading Partners. 5
Table 1: Allure's 3-Years Forecasted Budget Plan. 11
Table 2: Allure's 3-Years Forecasted Sales. 12
1. Introduction
Maldives is an emerging economy, dependent on foreign direct investments (FDIs) generated by tourism. Maldives is a dependent country with intense economic pressures on its 550,000 domestic population. However, Maldives experienced a massive infrastructure development to attract tourism and establish other local industries to diversify economic risks. The country has encouraged social entrepreneurship since the COVID-19 outbreak to utilize natural resources efficiently and reduce import dependency to mitigate national debt (TWB, 2023). The cosmetic industry became a central attraction in Maldives to improve economic, social, and environmental conditions nationwide.
According to O'Neill (2023), the Maldives' Gross Domestic Product (GDP) reported a continuous inclination since FY2023. The current GDP is US$3.2 billion in FY2023, with an estimated growth to US$10.17 billion by FY2028 (See Figure 1 below).
Figure SEQ Figure \* ARABIC 1: GDP Trend in Maldives
Source: (O'Neill, 2023)
The constant rise in GDP results from economic shifts in manufacturing and other domestic sectors. Maldives frequently trade with the United Arab Emirates (UAE), China, Singapore, and India. The statistical insights confirm that UAE has had a 24% trade share with Maldives since FY2019 (See Figure 2 below; O'Neill, 2023a). The economic conditions and social emphases in Maldives create opportunities for new ventures to penetrate the domestic market in the long run.
Figure SEQ Figure \* ARABIC 2: Maldives - Economic Trading Partners
Source: (O'Neill, 2023a)
Keenan (2023) argues that social commerce is increasing worldwide due to rising social media consumption. Countries like Indonesia, Thailand, and Maldives actively participate in global e-retailing, pushing domestic products into international marketplaces. China became the primary importer of products and services that emerging economies like Maldives offer to contribute to organic GDP growth. Besides, countries like Maldives and Indonesia receive comparative advantages while trading domestic commodities with large-scale economies like China to generate FDI (Keenan, 2023). Hence, neighboring countries'