ENES140 BS
For your business idea, what are the knowledge and demand conditions related to this idea.
Knowledge Conditions:
Demand Conditions:
What is the relative influence or importance of human expertise
Industries that have low knowledge conditions would be those that perhaps anyone could enter if they had sufficient money, a viable location, or the right relations
Size of the market, rate of growth of that market, and the consistency of that market
we need to satisfy customer needs in a better way, and we need to do it in a profitable way.
Low Knowledge conditions
The knowledge conditions to make hypebeast clothing is very low. No degree is necessary, all one really has to invest is time and effort. All the major industry know-how for clothing-such as distribution, market testing, etc.-can be found online. GQ reports on the subreddit r/StreetwearStartup, where aspiring hypebeast entrepreneurs can ask for advice and receive feedback on their brands and designs. The CEO of the hypebeast clothing company Deadnight, Sam Hall, dedicates the success of his brand to the sub-reddit.
The demand conditions of the Streetware market also looks incredibly fertile. Based on the market price of the Supreme Brick, a literal brick that was branded by Supreme and sold in scarcity, the price of a Supreme Brick went from $94 in December 2017 to $135 in December 2018, a 43% increase!
For your business idea, what is the life cycle stage of your industry, and the existing industry structure
life cycle
new ventures tend to perform better in younger industries. They have the opportunity to enter a market that is relatively immature
existing industry structure
the barriers to entering the industry and the competitive dynamics within the industry
The founder of the streetwear company, Jerry Lorenzo, describes streetwear brands in a very encompassing way. "100%. It’s street in the sense that I’m self-taught. And, in the sense we don’t belong to a fashion house or have access to any resources outside of our own. No investors, no partners, etc. The product is pure as we’re not on the fashion calendar and our product is 100% a reflection of our perspective and capabilities. The collection comes out when it’s ready." (Hundreds, 2017). With this being said, it is easy to recognize that the barrier into entering the industry is low, and the existing industry structure allows this to happen. However, staying in the industry is a very hard thing. Brands appear and disappear
For your business idea, what are the demographic, psychographic, technical, and societal changes as well as the political and regulatory forces in your industry
i want to die
Demographic changes
psychographics changes
technical advancements
political and regulatory forces
observable characteristics of populations.
how people think, how they feel, and their interests and values
improvements in technical processes
how the government
Trade war with china might raise up price (Lamar, 2018)
Millennials are projected to outnumber Baby Boomers next year. Numbering 71 million in 2016, Millennials in the United States are approaching Baby Boomers (74 million) in population and are projected to surpass them as the nation’s largest living adult generation in 2019 (CILLUFFO, 2018)
Avoid trendy labels from generations past, and opt for classic or indie brands. (Wertz, 2018)
The first concerns sew-free technologies, primarily adhesive bonding of seams. (Tyler, 2012)
Allows us to use Silk, Satin, and Velvet materials cheaper
Also potential market in China is also limited
For your business idea, what factors you can your team eliminate, reduce, raise, and create. Describe why the factors that you all selected for the value curve are important to customers (Please respond in 180 to 220 words)
Everyone uses Gildan only
We can create new demand by something new
Small size
One man team
Social Capital
Graphic Design Work
Web Development work
For your new business idea, discuss how the learning curve influences your success, the complementary assets that are critical to develop for your venture, and the reputation of your competitors. (Please respond in 180 to 220 words)
learning curve
complementary assets
reputation of competitors
The rate of learning over time, how long does it take to get good at something?
capabilities and/or infrastructure that support commercialization
The assets may increase demand, improve your commercialization, and increase the benefit or the utility of what it is you’re bringing to the market
set of generally held beliefs or opinions.
Customers often prefer to buy either from companies from which they’ve had a transaction before or ones they know.
Social Capital in the DMV
Have to find a niche and take it slow
Getting on the learning curve is not hard, find mentors from online that has done it before
Regarded as the most powerful force in the fashion marketplace, often more powerful and valuable than planned communication from marketing organizations, word-of-mouth (WOM) has been recognized in marketing research for many decades.
I know a lot of people and have a lot of resources
Strong brand loyalty, have to differentiate something new in order to get consumers