Prompt: As a business consultant, provide a detailed business proposal for a new eco-friendly product that aims to reduce plastic waste. Include thorough market research on consumer demand and trends, competitive analysis of similar products, financial projections including production costs, pricing strategy, sales forecast, and marketing strategies encompassing branding, promotion, and distribution channels in your response. Provide a step-by-step plan for product development, manufacturing, and go-to-market strategy, along with potential challenges and risk mitigation strategies.