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Executive summary: This article analyzes two brothers, Colin and E. D Power are confronting a choice of whether and where, to open an athletic-footwear and sports suits business. The objective market of the business has been focusing on serving relatively young individuals between the ages of 13 and 34, who involve in school physical exercises or professional athletic sporting. We will discuss how to utilize their advantages to help the new business, and avoid or eliminate obstacles from both internal and external environments, and finally we will attempt to provide feasible business strategies and action plans and implementations specifically aim at this case.
Problem statement: Colin and Ed Power are recently straggling on whether to establish a new sport clothing store in the city of Grand Falls, Newfoundland. The store will be named as Athlete’s Warehouse and their main and objective clients will be relatively teenagers and young individuals between the ages of 15 and 34who consistently engage in athletic activities and exercises. The store will be focusing on selling great quality of athletic footwear, clothing and personal adornments. In addition, the two brother will provide good sporting knowledge and customer service to their purchasers. This case study revolves around Colin persuading Ed the clothing store will be successful eventually; nevertheless, Ed is not so certain about it, and he hesitates that he could risk his retirement pensions into the immature business speculation. One of the best way to approach and testify whether the enterprise is risky or dependable, is to brainstorm a SWOT analysis.
Colin has a Ph. D. in Physical Education and he is professional at teaching students; while Ed was also good at athleticism and won many prices. II. Specialized knowledge of qualityathletic goods, footwearand sports suitsThe two siblings both had expertise in the products themselves, this enable Colin and Ed to buy what types of merchandises are in great demand at the current situation, in another point of view, helping costumers to choose what fit them effectively under their willingness, could also provide great opportunities to persuade these consumers to become returning guests. III. Business management experienceColin would have a great understanding of how to run the business in details: what clothing should be put on the exhibitive mannequins, what price should be fixed, and what other business elements that could potentially play important rules.
The fact before us is that Colin and Ed had a failure experience of running the similar enterprise, yes they could definitely learn experience from it, but the business could still be failed if they ever miss a step.
For many costumers, the stores that provide branded products could draw their attentions, the professional athletes who purchase sports goods are more tend to be dressing out a famous brand sports wear when they do athletics. And it’s nearly impossible for the two brothers to be invested by big branded suppliers.
With a deficiency of beginning funding, this point is crucial for the Athlete’s Warehouse, since Ed has a hesitation of starting the business due to he scares of failure. By avoiding this obstacle, could be a significant chance to succeed their speculation; as a result, even making a little profit will hugely inspire their business confidence.
Somewhere around 50,000 individuals come to Grand Falls to do their shopping, which provides an excellent potential market for the Athlete’s Warehouse. Colin predicts that there will be more then 3,000 customers could patronize their store.
There is actually a niche market for Colin and Ed to open the specialized business without many competitors, it is true that other local stores sell similar products, but they do not offer specific services in details such as a long-term plan or a one-stop solution, so purchasers who fit into that niche market and hope to save some of their time will more likely choose Colin and Ed’s.
The living standard for our modern society is advancing so speedy, people try to keep up with its progress, some by purchasing fashion and high quality clothing for themselves, now it is a good opportunities for the brothers to offer these products to the public.
Due to Colin’s competitors have already been running their own business for a while, a more mature business could well handle the situation of both maintaining original marketing models and “borrowing” the ideas from Colin and Ed.
If copying ideas might be a little bit difficult, then copying Colin’s inventory could be much more easier, by simply producing the quite same equipment and clothing, the two brother could lost many potential costumers.
Other commitments consuming their finite time, both Colin and Ed do not have enough time to manage the store full time, which causing a lack of labour. By only using employees could fix the gaps; yet, those employees are not as knowledgeable as they do, which violate their purpose of the business. Plus they have to pay to their employees.
Any choice in either heading should be including an assessment of the SWOT analysis that their new business would confront. In general, this article should be surmised that the siblings could be successful; however they should really put efforts on it. The business won’t be a simple and easy task to achieve, yet it would almost certainly give stable wage of income to both Colin and Ed once the shop turns out to be more prevalent. Similarly as with any new business adventure, it is true that there are still a lot of hazards could appear, however, once Colin and Ed can really sacrifice their time, run the business more on their own instead of haring labour, the business will most likely to be sustained.
Action and implementation:In light of the SWOT analysis and consider all the feasible conditions I have provided, the Power siblings can only manage a tight edge over their rivals; nevertheless, rivals can coordinate the administration level on the off chance that they put resources into more educated representatives and better quality footwear and apparel.
In view of Colin’s former credit rating on sports business, the brothers would have the capacity to acquire sporting inventories from the manufacturers in advance, after costumers purchasing those inventories would the brothers pay the makers back. Signing up contracts with schools and businesses enabled them to abstain from paying in advance since they could encounter a shortage of funding. To make his business successful, Colin must consider an integration of 4P’s ofMarketing Mix: price, promotion, place, and product. He must also try and distance themselves from their competition. To do so the brothers must maintain the quality of their merchandise and customer service, reasonable prices, and improve their promotion strategies. For one thing, the price of his products must be within a reasonable range of his competition: Sports Experts. When the price is too low, consumers may consider he is offering low quality merchandise; when it is too high, clients might not bewilling to consider purchasing from his store. Also, Colin must preserve the excellent service of he good at: sports knowledge.
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