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Individual Reflective Report on a Fashion Business Idea

   

Added on  2019-10-01

8 Pages1790 Words193 Views
Individual Reflective Report Part 1 : Summary of your group’s business ideaIt started with the group of five young women’s in HK to start a fashion house with the modern contemplated venture that could bring the best trends & latest designs in young girls. It’s a one stop shop destination for all the modern & unique designed clothes, jewelry& fashion accessories. The market they are catering into is quite huge,has a tremendous growth potential & is always in demand. The challenge lies in catalyzing the prospective customers & making them part of the regular business. Thebusiness model is already integrating back end & front end models into the mainstream, hence there will be delays, lags or quality issues. The business model is well sculpted & looks in line with the current trend of focusing women’s of age group 30-55 years old working or non-working. Looking at the business propositions its customer centric, dynamic, serving B2B models as well as B2C through online & offline options. The cost integrations are well tailored to get funded & channelized through revenue stream. Looking at the experience of Management & staff handling key operations & strategy is quite experienced & can handle challenges easily.The main strength of the fashion idea used is the latest trendy designed clothes with the best quality & low priced (Festival, 2013). The weakness one could foresee is keeping a name in the market will be tough as there are many small & big competitors

competing within same dimensions. They have to key highlight their business model uniqueness which is “high quality, low priced & trendy” through intelligent marketing&strong promotion campaign. They can also spread its wings through word of mouth promotion & take customer surveys, feedbacks or suggestions more meticulously. They can differentiate themselves from the competitors by making their brand successful in terms of customer oriented & improving their customer related services or issues.Part 2 : Process of idea initiationWhile researching we came across many unique concepts & ideas. There were some interesting topics such as food & beverages restaurants, confectionaries shops and small scale auto companies which we read & gone through nitty gritty of the fact findings. But none had an interesting conventional story to get inspired off. All of the team members bought different researched articles about the various inspiring entrepreneurs which we analyzed, met face to face to understand their perspective, potential capabilities but they somewhat fall inlinesimilar to competitor model and didn’t have a unique strategy to visualize.While reading & specifically going in-depth about the vision & mission of the U-Design company helped us in quickly familiarizing the issues. The main highlight of the U-Design that it was started with small funds by five young women’s with an

enriched background devising a strategy to customize clothes as per the request of customers was a class apart with other ideas. The strong foundation of U-Design was a great reason to compete with big & small competitors. The idea of customizing designing as per customers was never nurtured even by high brands. This immediatelyhelped us in getting connected with the brand, its image & the vision planned.Learning about the entire key design of the company helped us in broadening our horizons. The key learning followed in three steps, firstly the vision of the company, secondly integrating individual goals with the company goals & ultimately being customer centric serving high quality customized tailored clothes at competitive prices. Another key learning was it was started by a group of women’s who had full faith & confidence that this model will be successful which can easily penetrate the market.Part 3 :Team workGoing in-depth into the main topic & making a business development plan running requires individual efforts, time & good researched work. For this, one should have a good team who could support, provide alternative plans & help in reorganizing findings in one direction. Creating a business model, learning key concepts before drafting propositions, researching over the management team, staff, analyzing the layout of operations, financial & marketing running within the module & finally

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