Week 6 Reading Reflection

1. While I did not find any of the reading highly surprising, it was interesting to read about how the threat of new entrants into the market can affect those already in the market.
2. There was nothing really confusing to me.

3. Of the five forces which would you consider the most and least important? What criteria did you use to find the five forces?
4. I don’t have anything I directly disagree with, although I would be interested to know if other business people have different insights on the validity of the five forces.

Customer Interviews No. 3

 

1) Describe your interviewing strategy. This time I stopped people who were looking at clothes to purchase.  I asked questions about how often they purchase new clothes, where they tend to shop, and if quality, price or style is more important to them. I also asked one if a customizable option would be something she would be interested in.
 2) Conduct the interviews. One of the interviews incudes two ladies at once, so there are four videos with five interviews.
3) Reflect on what you learned. I expected younger people to be more likely to purchase online, but with this group it was the middle aged women who shopped online the most. The also seemed the most willing to pay more for their clothing than the younger ladies or the older couple. Perhaps this is because the middle aged demographic is more financially stable than younger people starting out, or older people on a fixed income? Would love to do a large focus group to get more accurate information than what I have here.
 

Idea Napkin No. 1

1) You. For my business, there are two of us bringing different talents to the table. My partner is the artistic talent, while I am handling the business side of things. I have a lot of management experience which will work for us as we grow and add employees. I also have the knowledge of where and how to seek funding for the business. I am excellent at spotting people who would be beneficial to each other, and to the business. I see this business as an opportunity to fulfill both my philanthropic ideals as well as being a full-time income.
2) What are you offering to customers? I am offering customers unique, high quality clothing that is made in the U.S. Not only will only short runs of the clothes be offered, customized clothing will be offered that will also be custom fit. This will be highly beneficial for those who need that extra tailored look in business, or are like me and have an odd body shape and can never find anything that fits right.
3) Who are you offering it to? From my current research, I suspect most of our customers are going to be between 20-45 and professionals. There will be the initial niche of those looking for one of a kind, perfect fit clothing. All of our customers are going to be seeking a unique look, while still maintaining their professional look.
4) Why do they care? Many people are willing to pay more for a higher quality piece of clothing because they know it will last a long time. Also, getting customization options for a small fee is a benefit.
5) What are your core competencies? My background in managing manufacturing will set me apart in this arena. With my experiences and business background, and my partners’ incredible artistic talent and eye for clothing, we have a unique combination that could truly break into the fashion world.

Additional Paragraph:
I believe that the elements mentioned all work together to create an incredible team that will work well with my business concept. The weakest point of the business concept is that so many try to break into the fashion world and fail.

Elevator Pitch No. 1

The opportunity is the need for unique, well made clothing. With Tribe of Judah, we are creating fabrics with designs by an artist. We do small runs of each design, so as to keep the uniqueness. Also, customized fabrics and sizing is available. Here is my pitch: