What's Next

            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

Week 12 Reading Reflection

1.     I found it extremely surprising to learn that many entrepreneurs neglect to spend time creating a strategic plan. I would think that in a new company having a guided path to success would be very valuable.

2.     I found it slightly confusing to learn that many researchers believe that strategic planning is used most often to find new industries for companies to compete. I initially believed that strategic planning was a way to plan how to successfully separate yourself from your competition.

3.     If I could ask two questions to the author the first would be: Which company today do you think is most successful in utilizing strategic planning. The second would be: If you were part of a start up how would you utilize strategic planning to your advantage.

4.     There was nothing in the reading that I disagreed with. 

Venture Concept No. 1

In society today appearance is a strong element in determining how you are viewed and how you are treated. A majority of that appearance is derived from what you wear and how you look. My company DressFit is product that maintains a certain appearance while allowing a level of comfort. DressFit is a revolutionary brand of dress clothing that seeks to provide the utmost comfort in a business environment. My line of apparel is unique in its utility, but remains on par with top designer brands. 

The opportunity within my line of apparel is defined by the inherent need for corporate workers to find comfort in their clothing. The standard uniform of most corporate employees is some form of suit with a tie and dress shirt. Typically, most dress shirts are relatively uncomfortable and lead to perfuse sweating and embarrassing sweat stains. My product eliminates that and allows for a comfortable stylish way to look and feel good in the office. The product has a vast array of customers, but is centrally geared towards the business professional segment of the market.  The opportunity has no severe limits based on geographic location, but is likely to be more popular in large developed cities that have a high level of corporate density.

The innovation aspect of my product lies within the material the product is made out of. Obviously the material does not exist yet as the product has not been developed, but ideally the line of apparel would be made out of a lightweight sweat wicking material that maintains the style and look of a traditional dress shirt. Aside from that, the product will have unique stylish designs and a memorable eye catching logo. The company will ideally sell its own line of clothing, but there are opportunities to license the material to other top designer brands.

DressFit is founded on the concept of maintaining comfort while enhancing appearance. The products core competency lies in its ability to prevent sweat stains and help those in office settings look and feel good. Initially the product will likely appeal to mostly men and woman who have trouble preventing sweat stains, but will progress to enhance the comfort and appearance of those in a corporate setting. The challenge is really creating a brand and marketing to the right cliental. It will definitely be a challenge to take customers away from classic designer brands, but as more people try the product the more recognition it will receive. It is hard to determine how the business would be laid out due to the fact that the product is in its concept stages, but the company will likely need a production factory of some sort with 10-20 employees. Obviously, as the business scales so will its production requirements.

Overall the company has massive potential, it simply needs the time to be artfully crafted and implemented in a strategic way. If the company was created it would likely be an uphill battle at first due to the vast array of competitors in the clothing industry, but once the product gains some notoriety it would likely skyrocket in the market. This venture as of now is only an idea, but I plan to continue to grow my entrepreneurial goals and continue to innovate and design products that will progress my career to the top of my industry.