The purpose of this memorandum is to evaluate whether the idea behind the startup company Blynk, will be a success or failure. The company, was co-founded by Shums Kassam (CTO), Engineering Science student at the University of Toronto, and Jaclyn Ling (CEO), Finance and Entrepreneurship graduate at McGill University. Jaclyn also has prior experience in fashion consulting services and had also built a purse brand that sold to customers in over 19 countries.
The idea behind Blynk , providing a personal stylist to all individuals is an innovative one, but in entrepreneurship an idea has no weight unless it can be converted into an opportunity, that provides a 'solution to a problem' and therefore yields profit. In my opinion Blynk will be a great success as it provides a solution to many problems of the current world as well as generates profit.
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Blynk provides busy individuals a platform to remain fashionable without wasting time going to the retail shops and selecting outfits, as this application could be used on the go. It not only helps fashion conscious individuals, which in today's generation is the majority but will help outmoded people dress better for all occasions and events.
In order to evaluate whether or not this business idea is an opportunity and will be a successful business it is important to analyze five crucial components: (1) customers (2) competitors (3) suppliers and vendors, (4) the government, and (5) the broader global
The company will have a middleman role, which connects the suppliers to its clients. There are few economies of scale in place because there is no significant capital investment required and specialised technology is not required. The company will likely encounter other competitors coming into the market when it commences sooner or later. However, its strong brand development achieved by successful and stable customer relationship established will lead to a low threat of new entrants in the market.
Beginning a new business venture sounds like a easy task. All you need is a great idea, opportunity to select your team so you can begin to make some moves and find a few investors to invest in to this dream you have. Before you know it you are making a profit and moving onto a new location. Sounds easy but there is much more that goes into starting a new business than most people may know. To accomplish this, the business has to satisfy several objectives that exclusively add to the business. This paper will narrate some of the particulars of previous works from week two, three, and four with information such as the business and
In business there are no guarantees for success. Skills, knowledge, great motivation and honest evaluation of ability to carry out and then manage the operations are just some of the requirements that determine the probability of the successful project. Success is never automatic and does not rely on luck. There are no ways to foresee or eliminate all of the risks that might affect successful operation of a new business. However detailed planning, thorough analysis and well-carried out organization create good potential for a new business. In the provided case study, we will assess the probability of success for Icedelights franchise in Florida. Analysis will be done through evaluation of each step in the decision making process, close
For this growing population, we can track the merchandises and find out what kind of items the customers spend money on. We gather the data and analyze the pattern and what style the customer is looking for. We send e-mails to the customers when getting new items that fit the customer’s dress preference with style suggestions.
It’s not just a great idea that creates a successful business– how you behave makes a difference too. Everyone who comes in contact with your business –
When a certain point is reached regarding a company’s success, a set of different opportunities arise and partnerships may unfold. However, with every possible strategy available, risks and benefits also come into play; without discarding any of them beforehand, every option is a strong candidate until a final decision is made. In this case study we will analyze the current business strategy pertaining
With this analysis, we will be familiar with the competitive forces that could significantly impact the success of this product. By analyzing these threats, we will be able to create more accurate planning strategies.
Both online retailers use a number of similar concepts of visual design in their websites but there are also marked differences between each. This essay will compare and contrast both online clothing websites, BNKR fashion website and End. Similarities and differences in the areas of purpose, form, language, audience and context will be covered in this work. The purpose behind both BNKR and End websites is to sell fashionable clothing online without the customer having to go in store.
Lululemon is a large company, making clothing for athletic activities, not only are they in the women’s athletic range, but they have hit the men’s market and youth range as well. A SWOT analysis will be used to break down Lululemons strengths, weaknesses, opportunities, and threats to the business. Strengths which Lululemon have achieved include multi-faceted and community-based approach strategy, making customers feel part of a community through marketing strategies like there “ambassador program, social media, in-store community boards and grassroots initiatives” (Lululemon, 2016 Annual Report, 2016, p. 3). Touchpoints which have been a part of this multi-channel include Lululemons websites www.lululemon.co.nz and ivivva.com which is based around female youth active ware. With Lululemon having 12,500 full-time employees worldwide (Lululemon Athletica Inc. (LULU), 2017) with 406 stores (Lululemon, 2016), their large market capital of $8.33 billion (Lululemon Athletica Inc. (LULU), 2017), shows the total value of Lululemons shares of stock. Lululemon having $581.1 million in net revenue, this is an increase of 13% while their gross profit increased by 17% rising to $297.4 million. (Lululemon Athletica Inc. Announces Second Quarter Fiscal 2017 Results, 2017). This shows a steady increase in profit for Lululemon for 2017 which is a strength for them.
This trait can be leveraged to build systems on par with the new technologies. An addition of 25% of personnel, expert in modern technologies and equipments would enhance the ability of the firm to start an e-business system that would enable LBS Textiles make a global presence, capture the national and international markets. Increase in the number of clients that LBS Textiles can reach out to will increase the volume of trade. The increase in trade brings in direct returns to the company. The expansion of markets and increase in clients indirectly increases the volume of sales and aid in boosting the returns to LBS Textiles. The company needs to evaluate the demand of the various demographics across the globe and develop newer attractive designs. The Research of newer technologies or designs to attract newer markets and wider demographics will incur expenses but the successful outcomes when channelized through the development teams produce the actual product for direct revenue generation.
Boohoo was founded in 2006 and has since become among the United Kingdom’s fastest growing internet women’s fashion retailers. (Fashionstyleyou, 2010) Boohoo offer female catwalk styles at a cheaper range, in sizes 8 to 16, plus shoes and accessories with new fashion added daily. ‘The company’s mission is to provide a visually stimulating, invigorating and evolving on-line shopping experience, which offers inspirational products, exciting promotions and unsurpassed customer service’ (Boohoo, 2010)
The fashion designer clothing line BCBG stands for bon chic, bon genre. It is a French term that means good style, good attitude. Max Azria founded the line in 1989 and was inspired to bring European sophistication to American fashion. His line has now expanded to shoes, handbags, sunglasses, swimwear, jackets, fragrance, accessories and menswear. The label is high quality, affordable, classic and sophisticated. It is targeted toward women of all ages, shapes and personal styles. He carries everything from chic dresses to casual pants and tops. The ever growing and prosperous BCBG line is expected to be around for many years to come.
Blain Kitchenware, Inc. (BKI), founded in 1927, is a mid-sized producer of small appliances for residential kitchens. BKI has an approximate 10% market share of the $2.3 billion U.S. market for small kitchen appliances, with 65% of sales originating from the US market. The company is public since 1994, and the majority of the shares is controlled by the founder's family (62% of outstanding shares), who also have a strong representation in the board of directors. Mr. Dubinski - the CEO since 1992 and great-grandson of one of the founders, successfully completed an IPO in 1994 and gradually moved the production abroad in the early 90s. BIK`s current strategy is to complement its
This section of the proposal requires classifying the category or business discipline in which the proposed business would fall in. In my view in order to develop or introduce a new product/service Ansoff’s Business Matrix would be a good strategic approach to screen and narrow the choices. This tool will be helpful in effective business planning.
This report examine that this product is initially launching in Lahore’s domestic market the study included both primary and secondary research. The primary study focused on a survey of the competitors and the liking and disliking of the people. Through