Entrepreneurship is considered as the most initiative talk now a days. It plays an important role around the globe in encouraging and motivating the youth to work and perform for the betterment of the society as well as culture. This assignment is carried on entrepreneurial opportunity for the 90s style of the Baggy jacket. The main purpose of this assignment is to know the idea generation and opportunity to find an appropriate market for the 90s style baggy jackets.
About Entrepreneurship: Entrepreneurs are now looking for old fashion products instead of new one. This is so because of wide market and every player is engaged in red ocean strategy. For effective success of the business, there are numerous chances for reviving the old product to gain market share and grab maximum opportunities. Here, an idea generation is required with almost every require strategies.Â
It is important for the youth generation to explore their talent in form of the idea generation, analytical strategy adoption and risk management in order to gain the appropriate results and success and productivity. Being as a mind of the entrepreneur, there is a need of critical & analytical thinking as well as risk management. Innovation and creativity in old fashion could enhance their values and importance for the customer.
A. What are possible entrepreneurial opportunities?
Entrepreneurial opportunities are always comes up with different market scenario and condition. In this current market trend, it would be difficult to apply any old fashion product in the market. The idea here is to creating the market suitability and growth for the 90s style Baggy jackets. It was noticed that people of this generation are very much interested in current trend of fashion. Hence, it would be difficult to create customer perception towards the 90's style jacket. The business scope for baggy jacket is narrow concept. There are lots of requirements in context with this to be discussed:Â
Idea Generation: The main idea behind this entrepreneurial opportunities is to create market structure and attractiveness for old 90's baggy jacket with an intention to provide business opportunities for the future or growing entrepreneur and business person. Such business is wide and broad concept. Such idea will be proven beneficial for customer segment especially teenager and definitely for other customer segment also. Â
Who are your customer - Target customer here is mainly Teenagers, those belongs to the age group of 13-19 years of age. But, innovation and creativity is suitable to target other age group also, by creating the awareness. Generally, user predicts the products effectiveness by their colour, size and shape etc.
Relationship of the business: For gaining idea advantage, firm need to relate themselves with this old 90's style jacket, so as to understand its importance and benefits.
Communication of the products: In the past time, companies were use to communicate through the mode of television and newspaper etc. but recent time, social media has evolved its own importance.
Benefits of the products: If any business firm is adopting old fashion, there are always benefits or advantages exist. For old fashion 90's jackets, it is must to realize their advantages and benefits in an initial time.
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B. Market attractiveness of old fashion commodities
Before starting an entrepreneur business, market potential an attractiveness is required to be analysis and understand. It is a task where an entrepreneur needs to first go through an information which is available regarding the old fashion jackets and also know about any further opportunity in this sector.Â Â Â
As discussed that old timeâs baggy jacket belongs to the âlifestyleâ segment. The focus for this product is completely on the teenagerâs. Innovation and creativity can add scope for targeting other segment of the consumers. But here product can be included to the Niche market because it belongs to the older style of 90s(Specific product category). It can be considered as the âspecial productâ. Capacity and competition in the market will be best explained by the help of Porter five force model which is as follow:
Threat of new entry: UK fashion industry is wide and full of rivalries and competitor. For 90's style old jackets, Communication to customer is important, new entrepreneurial can take advantage of promoting the old fashion in the UK market by using social media such as Facebook and Instagram etc.Â Â Â
Threat for substitutes: Now a days, online platforms are substituting the offline and store based products. The main advantage of online shopping is fast and rapid customer response in the fashion industry. Actually, entrepreneurial needs to communicate their old fashioned product to the customer's in an effective way.Â Â
Competitive rivalries: It has been noticed that UK fashion industry has huge number of competitors, it would be difficult for entry of new firms with such product idea. Hence, firms needs to be innovative and creative with their old fashion jacket idea such as add button concept, high neck and hard cotton and not any rough material jackets.Â
The market for the baggy jacket needs almost year to grow at its potential strength. The major reason is that it belongs to the old time say of 90s. As it focuses on the teen market. It is important to influence the parents as they are customer and teenagers are the consumers for it.
There are various factors or say trends which can affect the buying behaviour of the consumers for the baggy jackets are as follow:
Economic - it will helpful in deciding the customer behaviour and perception about the particular products. It will formulate the pricing strategy for the particular product. As the baggy jacket is old of 90s, it will be charged higher as it is important to revive the culture again.
Demographic - It has been decided that teenagers are the perfect match for the baggy jackets. The teenagers are more think about the colour and design of the products. The need and wants are generally understand by their parents. It is important to target the mother of the child.
Technological - There is no as such involvement of the technological factor in the case of the baggy jackets entrepreneurial opportunity.Â
Cultural - It was revealed that products belongs to the times of old 90s. Hence, as a result it can create both positive and negative on the mind and purchase decision of the customer. As it belongs to the teen age group, it can create positive response for the customer to at least prefer the products.
C.Competitive and economic sustainability
For the success of the product, I am looking for the venture capital as an entrepreneurial opportunity in order to find the scope for the old 90s baggy jackets. There are several factors which will affect the existence and business idea of the new venture capital are as follow:
Size of the market - The size and structure of the market for baggy jackets is not rare, as it belongs to the old 90s. As there are large companies who are selling the branded and good jackets. There is still a hope for this product, if entrepreneur will perform well in the structure formation of the advertisements as well as sales promotion etc.
Growth: Â It is important to bring the positives of the old time products in the current time. Because people are using the latest brands, which will difficult to tackle for the venture. Positives could be risen by peer and parents group.Â Â
Stability - These factor is important to understand because in todayâs time, competition is huge and severe. Innovation and creativity is required to add some values and vision with the 90's jackets.Â Â
Competition in the market - For the success of the entrepreneurial idea of the baggy jackets, it is significant to provide the best quality of the product to the customer at an attractive price to survive in the competition.Â
Differentiated benefits from the product - Venture has decided to offer baggy jackets at the attractive pricing, with the new colour saturation pattern with the good and sustained quality of the clothes. It was decided to continue with the old look of the jacket for the different kind of feeling in the mind of the customer to make difference it with new branded jackets. It will benefit the user in the heavy winters to get protected and of course, longevity is important.
What will lead customer to buy this baggy jackets: In today's current fashion, venture needs to create awareness regarding such old fashion product or through their peers and parents who saw such time of fashion.Â
Other segments: There is a chance to attract the other segment such as 21-25 years of age or above. Venture needs to add innovation such as colour changing, high neck and use of one or two button is sufficient.Â
From the assessment, it is concluded that it is beneficial and helpful to start new venture in order to revive past and previous product in order to generate the market. AN effective implementation of the idea and process is commonly important to enhance the productivity and efficiency of the business. It is crucial and important task to understand the opportunity and market for the product of the any venture or new company.
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