Existing
Market
1.
Due to the fact that my company is a clothing
company in its essence the logical answer to what’s next is simply expanding
the line of apparel that my company offers and finding new ways to implement
the technology in other styles of clothing.
2.
It is extremely hard to gauge the expectations
of a company without any market testing or research. However, from a pure
concept viewpoint the company’s growth lies in expanding the initial product
line. In order to expand the product line simple design and shirt style
variations is key. The next steps are uncertain, but would likely be creating
new designs and lines of apparel that incorporate the company’s material
technology. I think definitely an interesting idea would be to do some time of line of suits.
New Market
1.
A radically different approach to the company
would be to create extremely a line of extremely inexpensive dress clothes that
would potentially be featured in a Wal-Mart type of setting.
2.
In a lower income market the real struggle is
creating high utility at a low price point. If it was possible to create a
lightweight sweat wicking material that could be produced extremely cheaply it
would be a great product to sell at low income clothing stores
3.
My
interviews were relatively inconclusive due to that fact that very few people I
know or have access to only shop in low income retail stores. In order to do
research in more representative area I would need to venture out to a lower
income area. My presumption would be that the product is not very geared toward
a lower income demographic. The product is for those who are not worried about
spending an extra $10 $20 on a shirt for comfort. The market does not appear to
be attractive simply because the product in its nature is high end.
I had slight issues with the camera on my phone so I was only able to obtain two brief responses from customers in audio form. They are both below.
I
This new target is great! I would love to shop at Wal-Mart if they had good clothes. I see that they have so many jeans there and so many khaki/dress pants, but they are all so baggy! I'm not sure what the difference in cost is to make skinny/slim fitting jeans and really baggy jeans, but this could be a major access point for you! I really enjoyed this take and good luck!
ReplyDeleteHey Eric,
ReplyDeleteLooking and listening to your post, I was curious about what exactly you are proposing as your next step for your new market? Having a fashion retailing background and 14 years of retailing experience, I think you have a good idea about doing a lower end line of apparel. Let's be honest though, with fashion and even branded collaborations for lower price points, they never come out exactly how the samples are sent out initially to manufactures. Another way to take your concept and bring forth a new market would be in women's apparel. Many women's garment always meet a fashion expectation, yet never a functionality one. If you are able to meet both fashion and functionality for women, you'd definitely have a strong new market base. Also, with women's apparel you have more depth of price point and market places versus only servicing men's apparel. Overall, I really like the concept and where you are going. If you'd like to check out my blog, it is http://entreprenue-whaaat.blogspot.com/.
Hello Eric, I appreciate that you got to interview some people. I think that your idea is pretty interesting and could work but it is hard to obtain resources when it is something that has basically been established and it is the way it is. Clothes in large chain stores like Wal-Mart have a very specific set way of obtaining their products and be able to sell it for such an affordable price. They might not be the best clothes so I can see why you raise a concern. I think that if you could find a way around this and actually execute your idea that it would go far! It is interesting and it would be a very radical change to see something like this come into stores like Wal-Mart, etc. Great post!
ReplyDeleteHello, Eric,
ReplyDeleteNice job with this blog post. I like that you are delving into something that is tangible--i.e. clothing. I also love that you are attempting to push this business towards a market that is easily accessible to the outside public for a lower price. I don't know if it's because I'm a girl, but I love to shop. With it comes a huge price tag, and I appreciate that you are trying to connect the two worlds (fashion and affordability) together.
Check mine out: http://laurenent3003.blogspot.com/2016/04/whats-next.html
Hi Eric
ReplyDeleteI think this is a great idea and I would definitely be interested in something like this. As a college student, I don't have the money to buy really expensive clothes and it would be nice if a store like Wal-Mart carried quality clothing at a decent price. It is frustrating that so many clothing stores are so expensive just because of the name brand. I hope you continue with this and good luck with the rest of the semester!
Hey Eric,
ReplyDeleteGreat Post. I think it is awesome that you are aware of the conditions of the industry your business concept has. This being that you really have to be on your toes about finding out whats next. Sometimes it is hard to keep up with the ever flowing trends that society has. Unfortunately I did not have a post for this assignment but you can check out my venture concept on my blog here: http://ericchyattesblog.blogspot.com/2016/04/whats-next.html
Hey Eric,
ReplyDeleteGood job on the post. Looks like you've put a good deal of thought into expanding your venture and how it would fit into the overall strategy. The clothing industry is tough! I hope you can set yourself apart from the masses. If you're interested in reading my post, you can find it here:http://poweredbysuccess.blogspot.com/2016/04/whats-next.html