Team:Manchester/Business Report
Business Report
- We prepared a comprehensive business report to determine whether our project is commercially viable enough to be developed into a useful product.
- We integrated consumer feedback into our product development and found ways to maximise the commercial appeal of our project.
Overview
The business report aimed to answer important sociological and commercial questions for our iGEM project. It was necessary to identify how we would need to adjust the development of our product to enhance its commercial appeal as well as its benefit to society. The business report also helped us to identify reasons why investors would want to fund the development of our product. The report also examined the global suncare market. Finally, the report suggested strategies to optimise our product development.
Work completed
The analysis was done using open sources, business specific databases and statistics.
- In the value proposition section, we determined how our UV filter might be valuable to our consumers and identified stakeholders. Full Value Propostition can be found here.
- In the market review section, we identified our major competitors, compared our UV filter to the products present on the market and characterized the market. Full Market Review can be found here.
- In the external environment section, we analysed the most important social, economical, technological and political factors that could influence the suncare market. Full External Environment report can be found here.
- In the identification of issues section, we critically assessed our product by identifying our products strengths as well as weaknesses and identified threats as well as opportunities. Full Identification of Issues can be found here.
- In the strategies for improvement section, we identified development strategies to minimise weaknesses and maximise strengths of our product. Full Strategies for Improvement can be found here.
- In the assumption testing section we outline methodology we would use to test critical for our project assumptions. Full Assumption Testing can be found here.
Outline of value proposition
Unique selling points of our product are:
- Sunscreen efficacy proven by sunbathing hippos.
- Extra benefits such as antimicrobial properties.
- Potential to create different shades to match different skin tones.
- Environmental friendliness.
Highlights of global suncare market
- Market is large and predicted to grow.
- A significant change in UV filter formulation is anticipated, but has not occurred yet.
Key opportunities for our product
- Increasing ease of implementing synthetic biology solutions.
- Increasing value of health and social responsibility.
Key threats for our product
- Harsh and long global recession.
- Increasing direct competition from other novel UV filter.
