Innovation and Entrepreneurship Study
Added on 2020-03-16
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Running head: INNOVATION AND ENTREPRENEURSHIPInnovation and EntrepreneurshipName of the Student:Name of the University:Author’s Note:
1INNOVATION AND ENTREPRENEURSHIPIntroduction Successful entrepreneurship lies upon the ability of the entrepreneurs towards effectivelyorganizing and managing innovation in the business process (Galindo and Méndez 2014). Thisstudy will discuss the innovation and entrepreneurship process of Threadlessin Chicago, UnitedState. The study will provide a strategic summary of the organization through describing itsproducts, target market, value proposition and competitive environment. The study will alsoexplore the factor, which makes the organization innovative in the market. The study will alsodiscuss the importance of the factor towards formulating the bases of competitive advantage ofthe organization. Apart from that, the study will identify the types of innovation dominatingThreadless. Furthermore, the study will also demonstrate the ways in which Threadless organizesand manages the innovation. It will also highlight the importance or organizational initiativestowards achieving strategic innovation outcomes. Discussion Threadlessis an online community of an e-commerce and artists, which is actually basedon Chicago, United State. The organization offers ranges of products like clothing, apparels,prints and many more. It offers highly fashionable design for its all products. Threadlesshasclothing and accessories for men, women and even babies. Among the men’s clothing, theorganization provides T-shirts, raglans, tanks, sublimation, V-necks, hoodies, sweatshirts andmany more. On the other hand, among women’s clothing, the organization offers T-shirts, tanks,sublimation, Deep V-necks, tri-blends, dolmans, long sleeves, leggings, sweatshirts, hoodies andmany more (Threadless 2017). Among the kids, toddler and babies’ products, T- shirts andhoodies are famous. Apart from clothing products, Threadlessoffers accessories like i-Phone 8
2INNOVATION AND ENTREPRENEURSHIPcases, phone cases, drinkware, tote bags, hats, notebooks, zip pouches, beach towels, drawstringbags, sticker bags and others. Furthermore, the organization also offers gift cards, art prints,pillows, blankets, tapestries, rugs, duvet covers, framed prints and others (Threadless 2017).Apart from that, the organization also offers print collection on cats, funny, dogs, minimal, popculture, outdoor, causes, horror and many more. Moreover, customers can get both online andoffline availability of the products of this organization. Figure 1: Images of T-Shirts of Threadless(Source: Threadless 2017)According to Sahut and Peris-Ortiz (2014), target market defines the market in which anorganization wants to sell its products or services. Moreover, it is the target set of customers towhom an organization directs its marketing effort. On the other hand, Soriano and Huarng (2013)opined that a target market is separated from wide scale market a whole by analyzing the buying
3INNOVATION AND ENTREPRENEURSHIPpower, demographic and psychographic. While assessing the target market of Threadless, theorganization serves only within the United State. According to Maclean, Harvey and Gordon(2013), Threadless is mainly popular within young generation customers rather than the oldercustomers. However, it has targeted all teenage, adult, kids, toddlers and babies around thecountry. On the other hand, Edwards-Schachter et al. (2015) opined that Threadless has targetedthe customers, who belong to middle to high income group families. Furthermore, theorganization has targeted both male and female customers for offering their designer clothingand accessories. While considering the behavioral aspect, Huarng and Ribeiro-Soriano (2014)opined that Threadless has targeted customers, who seek some extra benefits from theorganizations. According to Maritz and Donovan (2015), value proposition defines the unique value andpromised value of an organization delivered and communicated to its customers. Moreover,unique value proposition differentiate an organization in the market over its rival organizations.On the other hand, Dino (2015) opined that value proposition provides unique reason to thecustomers towards choosing the products and services of a particular organization. Whileconsidering the value proposition of Threadless, it can be found that the organization hasdifferentiated itself from its rivals in terms of its unique design of clothing, apparel and print.Furthermore, Méndez, Galindo and Sastre (2014) opined that the customers of Threadless getenough convenience in accessing its products both online and offline channels. Affordable pricesof the products also add to the value proposition of the organization. On the other hand,Backman and Lööf (2015) opined that Threadless offers huge discounts and offers to thecustomers for their products in all categories.
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