Can you please help me with these 6 questions....My Business is a clothing bouti
ID: 351993 • Letter: C
Question
Can you please help me with these 6 questions....My Business is a clothing boutique in Michigan
Explanation / Answer
1. As you have clothing business, the first and foremost thing you should look into the product that your product have very high differentiation from others. As you know cloth business is highly competitive if the differentiation is not strong. Therefore you should work on differentiation first. At same time you should understand the need and want of your target customer, tailor your product in such a way that it satisfy a particular need of your target customers which will help you in getting customer easily and you will be able to keep them loyal to you.
2. You need to do the market analysis as well as potential mapping, you should be very clear about the size of market exist. Size of market may not exist today but you should have back up to prove that tomorrow there will be huge market for this kind of product. Then you may opt of Blue Ocean Strategy else you are part of Red Ocean where you have to keep the differentiation high or lower cost. Therefore study the size of the market by estimating the number of customers in your target segment and share of wallet with each customer.
3. For best study of competition you should do the Porter 5 Forces Analysis of Industry first. Then you find out who are your nearest competition. Do the SWOT of your strongest competitor and devise a strategy which gives you competitive edge over others. What customers value the most will be guiding principle for you to be success.
4. Understand liability and risk associated with the business, liabilities are well known however risk you can only estimate, therefore consider both for any financial decision. You should have Plan B which will clearly tell about the risk mitigation strategy for your business.
5. Check the IPR filing process and before you enter for large scale operation you must file IPR in case you find your product is unique.
6. For this question you may summaries all the action points given in above 5 questions. However if you had given complete drawing then it would have been better to solver your query.