Cole and Parker case1
Cole and Parker Case
While there are many risks that are involved with any product launch of a company, there are also many opportunities to seize. Cole and Parker’s business idea is a solid foundation to market to their target market. The biggest opportunity that would need to be identified as their trademark is “Cole and Parker: Socks that Start Businesses” since there isn’t another sock company that would aid entrepreneurs to start their own business. This is the key driver in selling their product and gaining market share over other rivals. Other opportunities are to sell in an area where other competitors aren’t present or where the market is unsaturated, offer a uniquely priced item, and to capitalize on a unique style of sock, and helping other build their businesses by selling their item(s).
There are many risks associated with the startup of a business, but in this case it seems to be worth them. Cole and Parker has to worry about other competition in the area(s) they choose to market their product, the price point of their product, the design and cost it will take to produce the product vs other competition, which will impact profit margins.
In order to get a better idea of the company opportunities and risks, Cole and Parker will have to go out and do a market analysis of other competitors in the USA, since this will be their target market area. The analysis will include surveys of current similar products, physically going to customers and asking their likes and dislikes (of competitors and shoppers in general). From the information gathered there will be a better direction on what opportunities and risks will be exposed for Cole and Parker to execute on.
Cole and Parker have all the necessary educational and sales experience that would complement them to succeed with the launch of their sock business plan. It appears that they have done enough research to see what it will take to succeed. Both partners have extensive entrepreneurial
While there are many risks that are involved with any product launch of a company, there are also many opportunities to seize. Cole and Parker’s business idea is a solid foundation to market to their target market. The biggest opportunity that would need to be identified as their trademark is “Cole and Parker: Socks that Start Businesses” since there isn’t another sock company that would aid entrepreneurs to start their own business. This is the key driver in selling their product and gaining market share over other rivals. Other opportunities are to sell in an area where other competitors aren’t present or where the market is unsaturated, offer a uniquely priced item, and to capitalize on a unique style of sock, and helping other build their businesses by selling their item(s).
There are many risks associated with the startup of a business, but in this case it seems to be worth them. Cole and Parker has to worry about other competition in the area(s) they choose to market their product, the price point of their product, the design and cost it will take to produce the product vs other competition, which will impact profit margins.
In order to get a better idea of the company opportunities and risks, Cole and Parker will have to go out and do a market analysis of other competitors in the USA, since this will be their target market area. The analysis will include surveys of current similar products, physically going to customers and asking their likes and dislikes (of competitors and shoppers in general). From the information gathered there will be a better direction on what opportunities and risks will be exposed for Cole and Parker to execute on.
Cole and Parker have all the necessary educational and sales experience that would complement them to succeed with the launch of their sock business plan. It appears that they have done enough research to see what it will take to succeed. Both partners have extensive entrepreneurial