Cole and Parker Case
While there are many risks that are involved with any product launch of a company, there are also many opportunities to seize. Cole and Parker’s business idea is a solid foundation to market to their target market. The biggest opportunity that would need to be identified as their trademark is “Cole and Parker: Socks that Start Businesses” since there isn’t another sock company that would aid entrepreneurs to start their own business. This is the key driver in selling their product and gaining market share over other rivals. Other opportunities are to sell in an area where other competitors aren’t present or where the market is unsaturated, offer a uniquely priced item, and to capitalize on a unique style of sock,…show more content… Their target market should start with men and if you want to pin an age group I would say 18-35 to start with. It would be smart to start in a region where competition hasn’t appeared or where the competition is limited even though this is a product that is unique and could overtake market share from others. Similar to the Marketplace game you would want to see how results end up after the first quarter or so and evaluate after the results. This could end up meaning that you target a completely different market or expand to multiple countries depending on the feedback from customers. Also, different products can be derived from customer feedback that steers away from the common business work sock. Again, this is will be explained through market analysis and sales from the initial product of a business work sock which will hopefully drive sales in order to build capital to expend in other areas of the business.
The value proposition is definitely the opportunity to help others with a microfinance loan to help entrepreneurs achieve their dream and make a difference. With the opportunity to infiltrate the sock market as well as help others this will attract buyers to come to Cole and Parker and make a difference in building the American economy.
The biggest driver that will differentiate Cole and Parker from their competition is the pitch of the microfinance organization, Kiva, to help other entrepreneurs to achieve their goals through microfinance loans