1. Discuss the future outlook and industry trends related to the new venture. Natural ethnic hair care products and organic hair care products are fast becoming a staple in the cosmetics industry. Each year more and more consumers switch from the chemical-laden hair care products to products that use natural and organically grown ingredients. Now these particular products are no longer only available in organic food stores. They have now hit the retail level. Mass retailers such as Target dedicating more shelf space to ethnic organic beauty products and offering more premium options traditionally sold only through specialty outlets, including Miss Jessie's Curls and the Jane Carter Solution line. (Morris, June 2011, pg. 30) This market is only getting stronger and building more dollars in revenue with each successive year. Some research shows more than $1 trillion in the U.S. alone as the amount multicultural women spend on natural hair care products. (Morris, June 2011, pg. 28-29) As more brands leverage eco-attributes and natural positioning, the multicultural, or "multitextural," consumer is likely to get more attention at mass, with more marketing spending dedicated to address the specific hair care needs of blended consumers. (Morris, June 2011, pg. 30)
As there are so many different brands and products on the market making claims that are similar to their competitors it can make it difficult for natural hair care consumers to find the right products. This can be a turn-off in this industry, but that is how most of the companies make their money; however, brands that do succeed in connecting with this consumer and empower her to make more informed choices are likely to benefit for many years to come, says Morris. (June 2011, pg. 30) 2. Discuss the legal or concerns related to the venture idea. Rachel Fields discusses five things that need to be taken into consideration before starting your business. There are several legal steps that...
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