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Bargaining power of buyers:This power is affected by prices which is consider bycompany. An organisation is easily switching other supplier by exerting significant control.Beauty Cosmetics company is leading supplier in dictating terms in order to avoid losingcustomer. Bargaining power is leading with access in substitutes which is increasing industrycompetitiveness that makes higher risk for entrepreneur. They are reviewing feedback use whichis in-sighting and assessing information. It makes competitor success by leading with buyer needand expectation. Bargaining power of Supplier:In this entrepreneur is providing products which isusually maintaining steady relationship with suppliers. New entrance in market is setting prices
which are depending in order to competitive market and affected on their sales volume. They areslow down in adopting business model which is useful for an entrepreneur that impact came onsituation. It is leading success of competitors by determining new role in market of competitors.They are stream line with new partnership and managing by establishing rules, regulations,privacy, security and safety in cosmetic product. TASK 2P3 Evaluate gap analysis with specific entrepreneurial ideaMarketing research is systematically formed with better understanding in group ofpeoples. Entrepreneur is leading with market research which is based on primary and secondarythat identify target customers and competitors. Beauty Cosmetics product is assessing viability inaccording to new goods and services which is directly conducted by consumer. Market researchis defined below.Primary research:This research is define by involving in questionnaires, surveys orinterviews. It is primarily depend on data which is collected for addressing problems in depth.Their involved prospective customers in target market (Elenurm, 2012). It is helpful for newbusiness idea and investigating in terms of assessing potentials. Secondary research:This research is based on purpose which is publicly available andincluding reports like library, surveys or internet. Their involved data analysis which is varied bysources and prevailing research with available data. New business idea is generated by thisresearch. QuestionnaireName:Age:Address:Q1 Is Beauty Cosmetic product is known about you or not?Q2 Is you are familiar about product of Beauty Cosmetics?