Productive Tuesday

As the hectic morning began, we focused on developing the criteria and the goals for our final project. Today's goal was to have everybody on the same page regardless of what country and what category (raw or finished good) we were working on. We developed a spreadsheet to understand the best potential countries for introducing each of the products (raw vs. finish). We analyzed also two more countries- Indonesia and Philippines since we understood these two countries are very lucrative in the skin care/cosmetic industry, according to data and emphasized by NAMU Life's CEO in our interview. The spreadsheet also included information on the ease to enter the market according to laws/regulations, current competitors and suppliers, demographic information, current and growth rate in the industry, and cosmetic trends in each market. After understanding the pros and cons of these 6 countries by analyzing the spreadsheet we developed, while focusing on their potential either for raw or finished good, we narrowed our research to the following countries for our presentation next Monday- Raw material: China, Thailand, S. Korea; Finish: Thailand, China. By the end of the day we created an agenda for the next days, and we agreed on having a SWOT and Porter's 5 analysis by the end of the week. After a long day of work and discussion, we celebrated Charley's birthday!