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Running head: SYNOPSIS 1
BUSINESS MODEL ANALYSIS (SYNOPSIS): HEMP ROOT BALM PRODUCTION
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SYNOPSIS 2
Business Model Analysis (Synopsis): Hemp Root Balm Production
Introduction
The business would be based on a sustainable model that is going to promote the efficacy
of the alternative medicines among the consumers. In the era of technological advancement,
mainstream medicines are becoming, pathetically, less effective and more expensive. The related
side effects of synthetic drugs also make it quite a harmful option for the consumers who are
suffering from chronic and acute ailments. Hence, to provide relief to the innumerable patients
suffering from different types of ailments like gout, joint inflammation, broken bones, infections,
ulcers, toothaches, fever, etc. that the entrepreneur has been striving to set up a small-scale
business of hemp root balm production. This paper is going to discuss about the strengths,
weaknesses, opportunities, and threats that the business may face with in the long run along with
providing an analysis of some internal and external factors that are essential to be analyzed to
determine the degree of the predicted success of the business.
Strengths Weaknesses Opportunities Threats (SWOT) Analysis
The primary strength of the business would be the growing popularity of herbal products
among people. Gradually, the demand for herbal medicines is on the rise in both developed and
developing nation, and the domestic market that the business is going to target is no exception in
this respect. It is noteworthy, in respect of the strengths that, recently, herbal products have
performed consistently well in the United States registering a current value CAGR of 4%
(Euromonitor International, 2016). The rising awareness of the traditional use of certain herbal
remedies in different communities is also going to add to the strength of the business.
SYNOPSIS 3
The primary weakness that the business is ingrained with is the lack of support from the
medical community. Mainstream medical community is still not prepared to admit the
effectiveness of herbal remedies, and large medicine producing corporations are not at all
interested to leave at least a little space in the market for the herbal medicine producers to get
into and settle. Moreover, lack of scientific research studies that should have been conducted to
prove the efficacy of herbal medicines would be adding to the weaknesses of the business.
The pivotal opportunity the business has is to enter a market in which competition is
comparatively low. Still now not many companies are producing herbal medicines, and hence,
the level of competition has been assumed to be a low one. In this respect it must be noted that,
“Herbal/traditional products remained a fragmented and diverse category in 2016, with no
company accounting for more than a 7% value share” (Euromonitor International, 2016). Hence,
it can be said that the market is open and less competitive.
It has been observed that synthetic medicine producers would pose a serious threat to the
spread of the business. As a trend, financially strong medical companies are mostly against the
concept of alternative medicine, and hence, through huge investment in anti-herbal medicine
campaigns, they may put a serious threat to the continuation of the business in the long-run. This
would be a serious challenge...